Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 16, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 000-28344 | ||
Entity Registrant Name | First Community Corporation | ||
Entity Central Index Key | 0000932781 | ||
Entity Tax Identification Number | 57-1010751 | ||
Entity Incorporation, State or Country Code | SC | ||
Entity Address, Address Line One | 5455 Sunset Blvd. | ||
Entity Address, City or Town | Lexington | ||
Entity Address, State or Province | SC | ||
Entity Address, Postal Zip Code | 29072 | ||
City Area Code | 803 | ||
Local Phone Number | 951-2265 | ||
Title of 12(b) Security | Common stock, $1.00 par value per share | ||
Trading Symbol | FCCO | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 146,376,573 | ||
Entity Common Stock, Shares Outstanding | 7,560,596 | ||
Auditor Name | Elliott Davis, LLC | ||
Auditor Firm ID | 149 | ||
Auditor Location | Columbia, South Carolina |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 21,973,000 | $ 18,930,000 |
Interest-bearing bank balances | 47,049,000 | 46,062,000 |
Investment securities available-for-sale | 564,839,000 | 359,866,000 |
Other investments, at cost | 1,785,000 | 2,053,000 |
Loans held-for-sale | 7,120,000 | 45,020,000 |
Loans held-for-investment | 863,702,000 | 844,157,000 |
Less, allowance for loan losses | 11,179,000 | 10,389,000 |
Net loans held-for-investment | 852,523,000 | 833,768,000 |
Property and equipment - net | 32,831,000 | 34,458,000 |
Lease right-of-use asset | 2,842,000 | 3,032,000 |
Premises held-for-sale | 0 | 591,000 |
Bank owned life insurance | 29,231,000 | 27,688,000 |
Other real estate owned | 1,165,000 | 1,194,000 |
Intangible assets | 919,000 | 1,120,000 |
Goodwill | 14,637,000 | 14,637,000 |
Other assets | 7,594,000 | 6,963,000 |
Total assets | 1,584,508,000 | 1,395,382,000 |
Deposits: | ||
Non-interest bearing | 444,688,000 | 385,511,000 |
Interest bearing | 916,603,000 | 803,902,000 |
Total deposits | 1,361,291,000 | 1,189,413,000 |
Securities sold under agreements to repurchase | 54,216,000 | 40,914,000 |
Junior subordinated debt | 14,964,000 | 14,964,000 |
Lease liability | 2,950,000 | 3,114,000 |
Other liabilities | 10,089,000 | 10,640,000 |
Total liabilities | 1,443,510,000 | 1,259,045,000 |
SHAREHOLDERS’ EQUITY | ||
Preferred stock, par value $1.00 per share; 10,000,000 shares authorized; 0 issued and outstanding | ||
Common stock, par value $1.00 per share; 20,000,000 shares authorized; issued and outstanding 7,548,638 at December 31, 2021 and 7,500,338 at December 31, 2020 | 7,549,000 | 7,500,000 |
Nonvested restricted stock | (294,000) | (283,000) |
Additional paid in capital | 92,139,000 | 91,380,000 |
Retained earnings | 38,325,000 | 26,453,000 |
Accumulated other comprehensive income | 3,279,000 | 11,287,000 |
Total shareholders’ equity | 140,998,000 | 136,337,000 |
Total liabilities and shareholders’ equity | $ 1,584,508,000 | $ 1,395,382,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par Value | $ 1,000 | $ 1,000 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares, Issued | 7,548,638 | 7,500,338 |
Common Stock, Shares, Outstanding | 7,548,638 | 7,500,338 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Interest income: | |||||
Loans, including fees | $ 39,671 | $ 37,037 | $ 35,447 | ||
Investment securities - taxable | 6,155 | 5,011 | 5,271 | ||
Investment securities - non taxable | 1,564 | 1,454 | 1,365 | ||
Other short term investments | 130 | 276 | 547 | ||
Total interest income | 47,520 | 43,778 | 42,630 | ||
Interest expense: | |||||
Deposits | 1,740 | 3,021 | 4,558 | ||
Securities sold under agreement to repurchase | 85 | 190 | 386 | ||
Other borrowed money | 416 | 544 | 837 | ||
Total interest expense | 2,241 | 3,755 | 5,781 | ||
Net interest income | 45,279 | 40,023 | 36,849 | ||
Provision for loan losses | 335 | 3,663 | 139 | ||
Net interest income after provision for loan losses | 44,944 | 36,360 | 36,710 | ||
Non-interest income: | |||||
Deposit service charges | 977 | 1,121 | 1,649 | ||
Mortgage banking income | 4,319 | [1] | 5,557 | [1] | 4,555 |
Investment advisory fees and non-deposit commissions | 3,995 | [1] | 2,720 | [1] | 2,021 |
Gain on sale of securities | [1] | 99 | [1] | 136 | |
Gain (loss) on sale of other real estate owned | 77 | 147 | (3) | ||
Gain on sale of other assets | 117 | ||||
Write-down on premises held for sale | (282) | ||||
Other non-recurring income | 171 | 311 | |||
Other | 4,248 | [2] | 3,814 | [2] | 3,660 |
Total non-interest income | 13,904 | 13,769 | 11,736 | ||
Non-interest expense: | |||||
Salaries and employee benefits | 24,494 | 24,026 | 21,261 | ||
Occupancy | 2,947 | 2,709 | 2,696 | ||
Equipment | 1,296 | 1,237 | 1,493 | ||
Marketing and public relations | 1,173 | 1,043 | 1,114 | ||
FDIC Insurance assessments | 618 | 404 | 57 | ||
Other real estate expense | 105 | 201 | 81 | ||
Amortization of intangibles | 201 | 363 | 523 | ||
Other | 8,367 | 7,551 | 7,392 | ||
Total non-interest expense | 39,201 | 37,534 | 34,617 | ||
Net income before tax | 19,647 | 12,595 | 13,829 | ||
Income tax expense | 4,182 | 2,496 | 2,858 | ||
Net income | $ 15,465 | $ 10,099 | $ 10,971 | ||
Basic earnings per common share | $ 2.06 | $ 1.36 | $ 1.46 | ||
Diluted earnings per common share | $ 2.05 | $ 1.35 | $ 1.45 | ||
[1] | Not within the scope of ASC 606 | ||||
[2] | Includes Check Card Fee income discussed above. No other items are within the scope of ASC 606. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net income | $ 15,465 | $ 10,099 | $ 10,971 |
Other comprehensive income (loss): | |||
Unrealized gain (loss) during the period on available for sale securities, net of tax benefit (expense) of $2,128, ($2,360) and ($1,311), respectively | (8,008) | 8,875 | 4,931 |
Less: Reclassification adjustment for gain included in net income, net of tax of $0, $21, and $29, respectively | (78) | (107) | |
Other comprehensive income | (8,008) | 8,797 | 4,824 |
Comprehensive income | $ 7,457 | $ 18,896 | $ 15,795 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Unrealized (loss) gain during the period on available-for-sale securities, taxes | $ 2,128 | $ (2,360) | $ (1,311) |
Reclassification adjustment for loss (gain) included in net income, taxes | $ 0 | $ 21 | $ 29 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Warrant [Member] | Additional Paid-in Capital [Member] | Nonvested Restricted Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2018 | $ 7,639 | $ 31 | $ 95,048 | $ (149) | $ 12,262 | $ (2,334) | $ 112,497 |
Beginning Balance, Shares at Dec. 31, 2018 | 7,639,000 | ||||||
Net income | 10,971 | 10,971 | |||||
Other comprehensive income net of tax benefit of $2,128 | 4,824 | 4,824 | |||||
Issuance of restricted stock | $ 8 | 162 | (170) | ||||
Issuance of restricted stock, Shares | 8,000 | ||||||
Exercise of stock warrants | $ 46 | (31) | (15) | ||||
Exercise of stock warrants, Shares | 46,000 | ||||||
Shares forfeited | $ (8) | (151) | (159) | ||||
Shares forfeited, Shares | (8,000) | ||||||
Amortization of compensation on restricted stock | 168 | 168 | |||||
Stock repurchase plan | $ (300) | (5,336) | (5,636) | ||||
Stock repurchase plan, Shares | (300,000) | ||||||
Issuance of common stock-deferred compensation | $ 24 | 241 | 265 | ||||
Issuance of common stock-deferred compensation, in shares | 24,000 | ||||||
Dividends: Common ($0.48 per share) | (3,306) | (3,306) | |||||
Dividend reinvestment plan | $ 31 | 539 | 570 | ||||
Dividend reinvestment plan, Shares | 31,000 | ||||||
Ending balance, value at Dec. 31, 2019 | $ 7,440 | 90,488 | (151) | 19,927 | 2,490 | 120,194 | |
Ending Balance, Shares at Dec. 31, 2019 | 7,440,000 | ||||||
Net income | 10,099 | 10,099 | |||||
Other comprehensive income net of tax benefit of $2,128 | 8,797 | 8,797 | |||||
Issuance of restricted stock | $ 20 | 371 | (391) | ||||
Issuance of restricted stock, Shares | 20,000 | ||||||
Shares forfeited | $ (1) | (14) | (15) | ||||
Shares forfeited, Shares | (1,000) | ||||||
Amortization of compensation on restricted stock | 259 | 259 | |||||
Issuance of common stock-deferred compensation | $ 18 | 182 | 200 | ||||
Issuance of common stock-deferred compensation, in shares | 18,000 | ||||||
Dividends: Common ($0.48 per share) | (3,573) | (3,573) | |||||
Dividend reinvestment plan | $ 23 | 349 | 372 | ||||
Dividend reinvestment plan, Shares | 23,000 | ||||||
Issuance of common stock | 4 | 4 | |||||
Ending balance, value at Dec. 31, 2020 | $ 7,500 | 91,380 | (283) | 26,453 | 11,287 | 136,337 | |
Ending Balance, Shares at Dec. 31, 2020 | 7,500,000 | ||||||
Net income | 15,465 | 15,465 | |||||
Other comprehensive income net of tax benefit of $2,128 | (8,008) | (8,008) | |||||
Issuance of restricted stock | $ 21 | 353 | (374) | ||||
Issuance of restricted stock, Shares | 21,000 | ||||||
Shares forfeited | $ (4) | (66) | (70) | ||||
Shares forfeited, Shares | (4,000) | ||||||
Amortization of compensation on restricted stock | 363 | 363 | |||||
Issuance of common stock-deferred compensation | $ 10 | 80 | 90 | ||||
Issuance of common stock-deferred compensation, in shares | 10,000 | ||||||
Dividends: Common ($0.48 per share) | (3,593) | (3,593) | |||||
Dividend reinvestment plan | $ 20 | 348 | 368 | ||||
Dividend reinvestment plan, Shares | 20,000 | ||||||
Issuance of common stock | $ 2 | 44 | 46 | ||||
Stock Issued During Period, Shares, New Issues | 2,000 | ||||||
Ending balance, value at Dec. 31, 2021 | $ 7,549 | $ 92,139 | $ (294) | $ 38,325 | $ 3,279 | $ 140,998 | |
Ending Balance, Shares at Dec. 31, 2021 | 7,549,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Cash flows from operating activities: | |||||
Net income | $ 15,465 | $ 10,099 | $ 10,971 | ||
Adjustments to reconcile net income to net cash (used) provided in operating activities | |||||
Depreciation | 1,714 | 1,637 | 1,598 | ||
Net premium amortization | 2,317 | 2,016 | 2,042 | ||
Provision for loan losses | 335 | 3,663 | 139 | ||
Write-downs of other real estate owned | 50 | 128 | |||
Loss (gain) loss on sale of other real estate owned | (77) | (147) | 3 | ||
Originations of HFS loans | (139,773) | (197,608) | (139,640) | ||
Sales of HFS loans | 177,673 | 163,743 | 131,708 | ||
Amortization of intangibles | 201 | 363 | 523 | ||
Gain on sale of securities | [1] | (99) | [1] | (136) | |
Loss on fair value of equity investments | (4) | ||||
Accretion on acquired loans | (135) | (271) | (492) | ||
Write-down of premises held for sale | 282 | ||||
Gain on sale of other assets | (117) | ||||
(Increase) decrease in other assets | 994 | (911) | (5,227) | ||
Increase (decrease) in other liabilities | (715) | 341 | 3,054 | ||
Net cash (used) provided in operating activities | 57,928 | (17,046) | 4,825 | ||
Cash flows from investing activities: | |||||
Proceeds from sale of securities available-for-sale | 1,200 | 44,398 | |||
Purchase of investment securities available-for-sale | (271,293) | (111,972) | (113,064) | ||
Purchase of other investment securities | (87) | (70) | (36) | ||
Maturity/call of investment securities available-for-sale | 53,872 | 46,933 | 40,170 | ||
Proceeds from sale of other investments | 355 | ||||
Increase in loans | (19,100) | (106,874) | (18,219) | ||
Proceeds from sale of other real estate owned | 201 | 349 | 47 | ||
Proceeds from sale of fixed assets | 1,414 | 301 | |||
Purchase of property and equipment | (813) | (1,087) | (2,793) | ||
Net disposal of property and equipment | 19 | ||||
Purchase of BOLI | (850) | (2) | |||
Net cash used in investing activities | (236,282) | (171,521) | (49,198) | ||
Cash flows from financing activities: | |||||
Increase in deposit accounts | 171,878 | 201,213 | 62,716 | ||
Advances from the Federal Home Loan Bank | 34,001 | 82,000 | |||
Repayment of advances from the Federal Home Loan Bank | (34,212) | (82,020) | |||
Increase in securities sold under agreements to repurchase | 13,302 | 7,618 | 5,274 | ||
Deferred compensation shares | 90 | 200 | 265 | ||
Shares Retired | (70) | (15) | (159) | ||
Change in non-vested restricted stock | 363 | 259 | 168 | ||
Dividend reinvestment plan | 368 | 372 | 570 | ||
Repurchase of common stock | (5,636) | ||||
Proceeds from issuance of common stock | 46 | 4 | |||
Dividends paid on Common Stock | (3,593) | (3,573) | (3,306) | ||
Net cash provided in financing activities | 182,384 | 205,867 | 59,872 | ||
Net increase in cash and cash equivalents | 4,030 | 17,300 | 15,424 | ||
Cash and cash equivalents at beginning of year | 64,992 | 47,692 | 32,268 | ||
Cash and cash equivalents at end of year | 69,022 | 64,992 | 47,692 | ||
Supplemental disclosure: | |||||
Cash paid during the period for: interest | 3,312 | 4,258 | 5,471 | ||
Income Taxes | 5,097 | 3,043 | 2,410 | ||
Non-cash investing and financing activities: | |||||
Unrealized gain (loss) on securities available-for-sale, net of tax | (8,008) | 8,797 | 4,824 | ||
Transfer of loans to other real estate owned | 145 | 114 | |||
Recognition of operating lease right of use asset | 3,260 | ||||
Recognition of operating lease liability | 3,291 | ||||
Transfer of investment securities held-to-maturity to available-for-sale | $ 16,144 | ||||
[1] | Not within the scope of ASC 606 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | Note 1— ORGANIZATION AND BASIS OF PRESENTATION The consolidated financial statements include the accounts of First Community Corporation (the “Company”) and its wholly owned subsidiary, First Community Bank (the “Bank”). The Company owns all of the common stock of FCC Capital Trust I. All material intercompany transactions are eliminated in consolidation. The Company was organized on November 2, 1994, as a South Carolina corporation, and was formed to become a bank holding company. The Bank opened for business on August 17, 1995. FCC Capital Trust I is an unconsolidated special purpose subsidiary organized for the sole purpose of issuing trust preferred securities. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Note 2— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses. The estimation process includes management’s judgment as to future losses on existing loans based on an internal review of the loan portfolio, including an analysis of the borrower’s current financial position, the consideration of current and anticipated economic conditions and the effect on specific borrowers. In determining the collectability of loans management also considers the fair value of underlying collateral. Various regulatory agencies, as an integral part of their examination process, review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. Because of these factors it is possible that the allowance for loan losses could change materially. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, due from banks, interest-bearing bank balances, federal funds sold and securities purchased under agreements to resell. Generally federal funds are sold for a one-day period and securities purchased under agreements to resell mature in less than 90 days. Investment Securities Investment securities are classified as either held-to-maturity, available-for-sale or trading securities. In determining such classification, securities that the Company has the positive intent and ability to hold to maturity are classified as held-to maturity and are carried at amortized cost. Securities classified as available-for-sale are carried at estimated fair values with unrealized gains and losses included in shareholders’ equity on an after-tax basis. Trading securities are carried at estimated fair value with unrealized gains and losses included in non-interest income (See Note 4). Gains and losses on the sale of available-for-sale securities and trading securities are determined using the specific identification method. Declines in the fair value of individual held-to-maturity and available-for-sale securities below their cost that are judged to be other than temporary are written down to fair value and charged to income in the Consolidated Statement of Income. Premiums and discounts are recognized in interest income using the interest method over the period to the earliest call date. Mortgage Loans Held for Sale The Company originates fixed rate residential loans on a servicing released basis in the secondary market. Loans closed but not yet settled with an investor, are carried in the Company’s loans held for sale portfolio. These loans are primarily fixed rate residential loans that have been originated in the Company’s name and have closed. Virtually all these loans have commitments to be purchased by investors at a locked in price with the investors on the same day that the loan was locked in with the Company’s customers. Therefore, these loans present very little market risk for the Company. The Company usually delivers to, and receives funding from, the investor within 30 days. Commitments to sell these loans to the investor are considered derivative contracts and are sold to investors on a “best efforts” basis. The Company is not obligated to deliver a loan or pay a penalty if a loan is not delivered to the investor. As a result of the short-term nature of these derivative contracts, the fair value of the mortgage loans held for sale in most cases is the same as the value of the loan amount at its origination . Loans and Allowance for Loan Losses Loan receivables that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balance adjusted for any charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest is recognized over the term of the loan based on the loan balance outstanding. Fees charged for originating loans, if any, are deferred and offset by the deferral of certain direct expenses associated with loans originated. The net deferred fees are recognized as yield adjustments by applying the interest method. The allowance for loan losses is maintained at a level believed to be adequate by management to absorb potential losses in the loan portfolio. Management’s determination of the adequacy of the allowance is based on an evaluation of the portfolio, past loss experience, economic conditions and volume, growth and composition of the portfolio. The Company considers a loan to be impaired when, based upon current information and events, it is believed that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans that are considered impaired are accounted for at the lower of carrying value or fair value. The accrual of interest on impaired loans is discontinued when, in management’s opinion, the borrower may be unable to meet payments as they become due, generally when a loan becomes 90 days past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received first to principal and then to interest income. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the asset’s estimated useful life. Estimated lives range up to 39 years 10 years Goodwill and Other Intangible Assets Goodwill represents the cost in excess of fair value of net assets acquired (including identifiable intangibles) in purchase transactions. Other intangible assets represent premiums paid for acquisitions of core deposits (core deposit intangibles). Core deposit intangibles are being amortized on a straight-line basis over seven years. Goodwill and identifiable intangible assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The annual valuation is performed on December 31 of each year. Other Real Estate Owned Other real estate owned includes real estate acquired through foreclosure. Other real estate owned is carried at the lower of cost (principal balance at date of foreclosure) or fair value minus estimated cost to sell. Any write-downs at the date of foreclosure are charged to the allowance for loan losses. Expenses to maintain such assets, subsequent changes in the valuation allowance, and gains or losses on disposal are included in other expenses. Comprehensive Income (loss) The Company reports comprehensive income (loss) in accordance with Accounting Standards Codification (“ASC”) 220, “Comprehensive Income.” ASC 220 requires that all items that are required to be reported under accounting standards as comprehensive income (loss) be reported in a financial statement that is displayed with the same prominence as other financial statements. The disclosures requirements have been included in the Company’s consolidated statements of comprehensive income. Mortgage Origination Fees Mortgage origination fees relate to activities comprised of accepting residential mortgage applications, qualifying borrowers to standards established by investors and selling the mortgage loans to the investors under pre-existing commitments. The related fees received by the Company for these services are recognized at the time the loan is closed. Advertising Expense Advertising and public relations costs are generally expensed as incurred. External costs incurred in producing media advertising are expensed the first time the advertising takes place. External costs relating to direct mailing costs are expensed in the period in which the direct mailings are sent. Advertising expense totaled $ 1.2 million 1.0 million 1.1 million Income Taxes A deferred income tax liability or asset is recognized for the estimated future effects attributable to differences in the tax bases of assets or liabilities and their reported amounts in the financial statements as well as operating loss and tax credit carry forwards. The deferred tax asset or liability is measured using the enacted tax rate expected to apply to taxable income in the period in which the deferred tax asset or liability is expected to be realized. In 2006, the FASB issued guidance related to Accounting for Uncertainty in Income Taxes. This guidance clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with FASB ASC Topic 740-10, “Income Taxes.” It also prescribes a recognition threshold and measurement of a tax position taken or expected to be taken in an enterprise’s tax return. Stock Based Compensation Cost The Company accounts for stock-based compensation under the fair value provisions of the accounting literature. Compensation expense is recognized in salaries and employee benefits. The fair value of each grant is estimated on the date of grant using the Black-Sholes option pricing model. No options were granted in 2021, 2020 or 2019. Earnings Per Common Share Basic earnings per common share (“EPS”) excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock and common stock equivalents. Common stock equivalents consist of stock options and warrants and are computed using the treasury stock method. Business Combinations and Method of Accounting for Loans Acquired The Company accounts for its acquisitions under FASB ASC Topic 805, “ Business Combinations Fair Value Measurements and Disclosures.” Acquired credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality, found in FASB ASC Topic 310-30, “ Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality,” Accounting for Certain Loans or Debt Securities Acquired in a Transfer Segment Information ASC Topic 280-10, “ Segment Reporting four Recently Issued Accounting Standards In June 2016, the FASB issued guidance to change the accounting for credit losses and modify the impairment model for certain debt securities. The amendments will be effective for the Company for reporting periods beginning after December 15, 2022. Early adoption is permitted for all organizations for periods beginning after December 15, 2018. The Company is currently evaluating the effect that implementation of the new standard will have on its financial position, results of operations, and cash flows. In November 2019, the FASB issued guidance to defer the effective dates for private companies, not-for-profit organizations, and certain smaller reporting companies applying standards on current expected credit losses (CECL), leases, hedging. The new effective date for CECL will be fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. The Company is evaluating the impact that this will have on its financial statements. In November 2019, the FASB issued guidance that addresses issues raised by stakeholders during the implementation of ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments affect a variety of topics in the ASC. For entities that have not yet adopted the amendments in ASU 2016-13, the amendments are effective for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years-all other entities. Early adoption is permitted in any interim period as long as an entity has adopted the amendments in ASU 2016-13. The Company is evaluating the impact that this will have on its financial statements. In December 2019, the FASB issued guidance to simplify accounting for income taxes by removing specific technical exceptions that often produce information investors have a hard time understanding. The amendments also improve consistent application of and simply GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments became effective for the Company for interim and annual periods beginning after December 15, 2020 and did not have a material impact on the Company’s financial statements. In January 2020, the FASB issued guidance to address accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The amendments became effective for the Company for interim and annual periods beginning after December 15, 2020 and did not have a material impact on the Company’s financial statements. In March 2020, the FASB issued guidance that makes narrow-scope improvements to various aspects of the financial instrument guidance, including the CECL guidance issued in 2016. For public business entities, the amendments were effective upon issuance of the final ASU. For all other entities, the amendments were effective for fiscal years beginning after December 15, 2019, and are effective for interim periods within those fiscal years beginning after December 15, 2020. The effective date of the amendments to ASU 2016-01 were effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For the amendments related to ASU 2016-13, public business entities that meet the definition of an SEC filer, excluding eligible smaller reporting companies (as defined by the SEC), should adopt the amendments in ASU 2016-13 during 2020. All other entities should adopt the amendments in ASU 2016-13 during 2023. Early adoption is permitted. For entities that have not yet adopted the guidance in ASU 2016-13, the effective dates and the transition requirements for these amendments are the same as the effective date and transition requirements in ASU 2016-13. For entities that have adopted the guidance in ASU 2016-13, the amendments were effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For those entities, the amendments should be applied on a modified-retrospective basis by means of a cumulative-effect adjustment to opening retained earnings in the statement of financial position as of the date that an entity adopted the amendments in ASU 2016-13. During 2021, the Company established a CECL Team to begin the process of implementing CECL. The Company selected Valuant’s ValuCast as its CECL solution. In conjunction with Valuant, the Company developed a detailed roadmap and implementation plan; collected and validated data; and selected loss methodologies. Currently, the Company and Valuant are working on the reasonable and supportable forecast and qualitative factors. The Company plans to perform mock runs during 2022. Dixon Hughes Goodman, LLP has been engaged to perform model validation services prior to implementation. The implementation of CECL may have a material effect on the Company’s financial statements. In March 2020, the FASB issued guidance to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. The amendments are effective through December 31, 2022. The Company does not expect these amendments to have a material effect on its financial statements. In August 2020, the FASB issued guidance to improve financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. The amendments will be effective the Company for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. The Company does not expect these amendments to have a material effect on its financial statements. In October 2020, the FASB issued guidance to clarify the FASB’s intent that an entity should reevaluate whether a callable debt security that has multiple call dates is within the scope of FASB Accounting Standards Codification (FASB ASC) 310-20-35-33 for each reporting period. The amendments became effective for the Company for interim and annual periods beginning after December 15, 2020 and did not have a material impact on the Company’s financial statements. In October 2020, the FASB issued amendments to clarify the Accounting Standards Codification and make minor improvements that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments became effective for the Company for annual periods beginning after December 15, 2020 and did not have a material impact on the Company’s financial statements. In October 2021, the FASB amended the Business Combinations topic in the Accounting Standard Codification to require entities to apply guidance in the Revenue topic to recognize and measure contract assets and contract liabilities acquired in a business combination. The amendments are effective for the fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments are applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the amendments is permitted, including adoption in an interim period. The Company does not expect these amendments to have a material effect on its financial statements. In November 2021, the FASB added a topic to the Accounting Standards Codification, Government Assistance, to require certain annual disclosures about transactions with a government that are accounted for by applying grant or contribution accounting model by analogy to other accounting guidance. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2021. The Company does not expect these amendments to have a material effect on its financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. General Risk and Uncertainties In the normal course of business, the Company encounters two significant types of risks: economic and regulatory. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk to the degree that its interest-bearing liabilities mature or reprice at different speeds, or on a different basis, than its interest-earning assets. Credit risk is the risk of default on the Company’s loan and investment portfolios that results from borrowers’ or issuer’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of collateral underlying loans and investments and the valuation of real estate held by the Company. The Company is subject to regulations of various governmental agencies (regulatory risk). These regulations can and do change significantly from period to period. The Company also undergoes periodic examinations by the regulatory agencies, which may subject it to further changes with respect to asset valuations, amounts of required loan loss allowances and operating restrictions from regulators’ judgments based on information available to them at the time of their examination. Reclassifications Certain captions and amounts in the 2019 and 2020 consolidated financial statements were reclassified to conform to the 2021 presentation. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | Note 3— INVESTMENT SECURITIES The amortized cost and estimated fair values of investment securities AVAILABLE-FOR-SALE: (Dollars in thousands) Amortized Gross Gross Fair Value December 31, 2021 US Treasury securities $ 15,736 $ — $ 300 $ 15,436 Government Sponsored Enterprises 2,499 2 — 2,501 Mortgage-backed securities 398,125 3,596 3,992 397,729 Small Business Administration pools 30,835 505 67 31,273 State and local government 105,469 4,918 539 109,848 Corporate and other securities 8,024 157 129 8,052 Total $ 560,688 $ 9,178 $ 5,027 $ 564,839 (Dollars in thousands) Amortized Gross Gross Fair Value December 31, 2020 US Treasury securities $ 1,501 $ 1 $ — $ 1,502 Government Sponsored Enterprises 996 10 — 1,006 Mortgage-backed securities 222,739 7,375 185 229,929 Small Business Administration pools 34,577 928 7 35,498 State and local government 82,495 6,184 76 88,603 Corporate and other securities 3,272 56 — 3,328 Total $ 345,580 $ 14,554 $ 268 $ 359,866 At December 31, 2021, corporate and other securities available-for-sale included the following at fair value: corporate fixed-to-float bonds at $ 8.0 million 11.6 thousand 10.0 thousand 3.3 million 8.0 thousand 10.0 thousand 698.4 thousand 1.0 million 86.7 thousand 1.1 million 1.0 million During the year ended December 31, 2021, the Company did not receive any proceeds from the sale of investment securities available-for-sale. During the year ended December 31, 2020, the Company received $1.2 million from the sale of investment securities available-for-sale. For the year ended December 31, 2021, there were no gross realized gains or losses from the sale of investment securities available-for-sale. For the year ended December 31, 2020, gross realized gains from the sale of investment securities available-for-sale amounted to $ 99.1 thousand The amortized cost and fair value of investment securities (Dollars in thousands) Available-for-sale Amortized Fair Due in one year or less $ 20,036 $ 20,176 Due after one year through five years 175,313 177,320 Due after five years through ten years 237,914 241,008 Due after ten years 127,425 126,335 $ 560,688 $ 564,839 Securities with an amortized cost of $ 128.5 million 130.4 million 155.0 million 161.5 million The following tables show gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position Less than 12 months 12 months or more Total December 31, 2021 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: US Treasury $ 14,479 $ 264 $ 958 $ 36 $ 15,437 $ 300 Mortgage-Backed Securities 200,238 3,156 48,570 836 248,808 3,992 Small Business Administration pools 7,232 67 — — 7,232 67 State and local government 21,261 539 — — 21,261 539 Corporate and Other Securities 3,621 129 — — 3,621 129 Total $ 246,831 $ 4,155 $ 49,528 $ 872 $ 296,359 $ 5,027 Less than 12 months 12 months or more Total December 31, 2020 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: US Treasury $ — $ — $ — $ — $ — $ — Mortgage-backed securities 21,298 152 1,414 33 22,712 185 Small Business Administration pools — — 1,323 7 1,323 7 State and local government 4,930 76 — — 4,930 76 Total $ 26,228 $ 228 $ 2,737 $ 40 $ 28,965 $ 268 Government Sponsored Enterprise, Mortgage-Backed Securities: 429.0 million 257.3 million 429.0 million 265.4 million Non-agency Mortgage Backed Securities: 48.2 thousand 46.4 thousand 57.4 thousand 54.7 thousand During the years ended December 31, 2021, December 31, 2020, and December 31, 2019, no OTTI charges were recorded in earnings for the PLMBS portfolio. State and Local Governments and Other: |
LOANS
LOANS | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
LOANS | Note 4— LOANS The following table summarizes the composition of our loan portfolio. Total loans are recorded net of deferred loan fees and costs, which totaled $1.4 million and $2.2 million as of December 31, 2021 and December 31, 2020, respectively. Schedule of Loan Portfolio December 31, (Dollars in thousands) 2021 2020 Commercial, financial and agricultural $ 69,952 $ 96,688 Real estate: Construction 94,969 95,282 Mortgage-residential 45,498 43,928 Mortgage-commercial 617,464 573,258 Consumer: Home equity 27,116 26,442 Other 8,703 8,559 Total $ 863,702 $ 844,157 Commercial, financial, and agricultural category includes $ 1.5 million 42.2 million Activity in the allowance for loan losses Years ended December 31, (Dollars in thousands) 2021 2020 2019 Balance at the beginning of year $ 10,389 $ 6,627 $ 6,263 Provision for loan losses 335 3,663 139 Charged off loans (182 ) (110 ) (145 ) Recoveries 637 209 370 Balance at end of year $ 11,179 $ 10,389 $ 6,627 The detailed activity in the allowance for loan losses and the recorded investment in loans receivable as of and for the years ended December 31, 2021, December 31, 2020 and December 31, 2019 follows: Schedule of activity in the allowance for loan losses and the recorded investment in loans receivable (Dollars in thousands) Commercial Real estate Real estate Real estate Consumer Consumer Unallocated Total 2021 Allowance for loan losses: Beginning balance $ 778 $ 145 $ 541 $ 7,855 $ 324 $ 125 $ 621 $ 10,389 Charge-offs — — — (110 ) — (72 ) — (182 ) Recoveries 39 — 10 473 69 46 — 637 Provisions 36 (32 ) 9 352 (60 ) 27 3 335 Ending balance $ 853 $ 113 $ 560 $ 8,570 $ 333 $ 126 $ 624 $ 11,179 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 1 $ — $ — $ — $ — Collectively evaluated for impairment 853 113 560 8,569 333 126 624 11,179 Loans receivable: Ending balance-total $ 69,952 $ 94,969 $ 45,498 $ 617,464 $ 27,116 $ 8,703 $ — $ 863,702 Ending balances: Individually evaluated for impairment — — 133 1,561 — — — 1,694 Collectively evaluated for impairment 69,952 94,969 45,365 615,903 27,116 8,703 — 862,008 (Dollars in thousands) Commercial Real estate Real estate Real estate Consumer Consumer Unallocated Total 2020 Allowance for loan losses: Beginning balance $ 427 $ 111 $ 367 $ 4,602 $ 240 $ 97 $ 783 $ 6,627 Charge-offs — (2 ) — (1 ) — (107 ) — (110 ) Recoveries 130 2 — 23 2 52 — 209 Provisions 221 34 174 3,231 82 83 (162 ) 3,663 Ending balance $ 778 $ 145 $ 541 $ 7,855 $ 324 $ 125 $ 621 $ 10,389 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 2 $ — $ — $ — $ 2 Collectively evaluated for impairment 778 145 541 7,853 324 125 621 10,387 Loans receivable: Ending balance-total $ 96,688 $ 95,282 $ 43,928 $ 573,258 $ 26,442 $ 8,559 $ — $ 844,157 Ending balances: Individually evaluated for impairment — — 440 5,631 42 — — 6,113 Collectively evaluated for impairment 96,688 95,282 43,488 567,627 26,400 8,559 — 838,044 (Dollars in thousands) Commercial Real estate Real estate Real estate Consumer Consumer Unallocated Total 2019 Allowance for loan losses: Beginning balance $ 430 $ 89 $ 431 $ 4,318 $ 261 $ 88 $ 646 $ 6,263 Charge-offs (12 ) — (12 ) — (1 ) (120 ) — (145 ) Recoveries 3 — — 307 15 45 — 370 Provisions 6 22 (52 ) (23 ) (35 ) 84 137 139 Ending balance $ 427 $ 111 $ 367 $ 4,602 $ 240 $ 97 $ 783 $ 6,627 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 6 $ — $ — $ — $ 6 Collectively evaluated for impairment 427 111 367 4,596 240 97 783 6,621 Loans receivable: Ending balance-total $ 51,805 $ 73,512 $ 45,357 $ 527,447 $ 28,891 $ 10,016 $ — $ 737,028 Ending balances: Individually evaluated for impairment 400 — 392 3,135 70 — — 3,997 Collectively evaluated for impairment 51,405 73,512 44,965 524,312 28,821 10,016 — 733,031 At December 31, 2021, $ 9.5 million 125.6 thousand The following tables are by loan category Schedule of loan category and loans individually evaluated and considered impaired (Dollars in thousands) December 31, 2021 Recorded Unpaid Related Average Interest With no allowance recorded: Commercial $ — $ — $ — $ — $ — Real estate: Construction — — — — — Mortgage-residential 133 151 — 131 6 Mortgage-commercial 1,521 3,514 — 1,748 223 Consumer: Home Equity — — — — — Other — — — — — With an allowance recorded: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential — — — — — Mortgage-commercial 40 40 1 39 5 Consumer: Home Equity — — — — — Other — — — — — Total: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential 133 151 — 131 6 Mortgage-commercial 1,561 3,554 1 1,787 228 Consumer: Home Equity — — — — — Other — — — — — $ 1,694 $ 3,705 $ 1 $ 1,918 $ 234 (Dollars in thousands) December 31, 2020 Recorded Unpaid Related Average Interest With no allowance recorded: Commercial $ — $ — $ — $ — $ — Real estate: Construction — — — — — Mortgage-residential 440 499 — 440 1 Mortgage-commercial 5,508 7,980 — 5,770 388 Consumer: Home Equity 42 47 — 42 3 Other — — — — — With an allowance recorded: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential — — — — — Mortgage-commercial 123 123 2 123 11 Consumer: Home Equity — — — — — Other — — — — — Total: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential 440 499 — 440 1 Mortgage-commercial 5,631 8,103 2 5,893 399 Consumer: Home Equity 42 47 — 42 3 Other — — — — — $ 6,113 $ 8,649 $ 2 $ 6,375 $ 403 (Dollars in thousands) December 31, 2019 Recorded Unpaid Related Average Interest With no allowance recorded: Commercial $ 400 $ 400 $ — $ 600 $ 49 Real estate: Construction — — — — — Mortgage-residential 392 460 — 439 19 Mortgage-commercial 2,879 5,539 — 2,961 170 Consumer: Home Equity 70 73 — 76 2 Other — — — — — With an allowance recorded: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential — — — — — Mortgage-commercial 256 256 6 355 23 Consumer: Home Equity — — — — — Other — — — — — Total: Commercial 400 400 — 600 49 Real estate: Construction — — — — — Mortgage-residential 392 460 — 439 19 Mortgage-commercial 3,135 5,795 6 3,316 193 Consumer: Home Equity 70 73 — 76 2 Other — — — — — $ 3,997 $ 6,728 $ 6 $ 4,431 $ 263 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a monthly basis. The Company uses the following definitions for risk ratings: Special Mention Substandard Doubtful Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be “Pass” rated loans. As of December 31, 2021 and December 31, 2020, and based on the most recent analysis performed, the risk category of loans by class of loans Schedule of loan category and loan by risk categories (Dollars in thousands) December 31, 2021 Pass Special Substandard Doubtful Total Commercial, financial & agricultural $ 69,833 $ 119 $ — $ — $ 69,952 Real estate: — — — Construction 94,966 — 3 — 94,969 Mortgage – residential 45,049 305 144 — 45,498 Mortgage – commercial 610,001 1,009 6,454 — 617,464 Consumer: — — — Home Equity 25,751 171 1,194 — 27,116 Other 8,604 22 77 — 8,703 Total $ 854,204 $ 1,626 $ 7,872 $ — $ 863,702 (Dollars in thousands) Special December 31, 2020 Pass Mention Substandard Doubtful Total Commercial, financial & agricultural $ 96,507 $ 181 $ — $ — $ 96,688 Real estate: Construction 95,282 — — — 95,282 Mortgage – residential 43,240 190 498 — 43,928 Mortgage – commercial 559,982 7,270 6,006 — 573,258 Consumer: Home Equity 25,041 95 1,306 — 26,442 Other 8,538 21 — — 8,559 Total $ 828,590 $ 7,757 $ 7,810 $ — $ 844,157 At December 31, 2021 and December 31, 2020, non-accrual loans totaled $250 thousand and $4.7 million, respectively. The gross interest income which would have been recorded under the original terms of the non-accrual loans amounted to $ 33.0 thousand 150.5 thousand 453.3 thousand 447.5 thousand TDRs that are still accruing and included in impaired loans at December 31, 2021 and at December 31, 2020 amounted to $ 1.4 million 1.6 million 120.4 thousand 130.1 thousand Loans greater than 90 days delinquent and still accruing interest were $ 0 1.3 million The following tables are by loan category and present loans past due and on non-accrual status as of December 31, 2021 and December 31, 2020: Schedule of loan category and present loans past due and on non-accrual status (Dollars in thousands) 30-59 60-89 Greater than Nonaccrual Total Past Current Total Commercial $ 125 $ 35 $ — $ 118 $ 278 $ 69,674 $ 69,952 Real estate: Construction — — — — — 94,969 94,969 Mortgage-residential 8 4 — 132 144 45,354 45,498 Mortgage-commercial — — — — — 617,464 617,464 Consumer: Home equity — 62 — — 62 27,054 27,116 Other — 1 — — 1 8,702 8,703 Total $ 133 $ 102 $ — $ 250 $ 485 $ 863,217 $ 863,702 (Dollars in thousands) 30-59 60-89 Greater than Nonaccrual Total Past Current Total Commercial $ 165 $ 27 $ — $ 4,080 $ 4,272 $ 92,416 $ 96,688 Real estate: Construction 424 — 1,260 — 1,684 93,598 95,282 Mortgage-residential 7 — — 440 447 43,481 43,928 Mortgage-commercial — — — — — 573,258 573,258 Consumer: Home equity — — — 42 42 26,400 26,442 Other 21 21 — — 42 8,517 8,559 Total $ 617 $ 48 $ 1,260 $ 4,562 $ 6,487 $ 837,670 $ 844,157 The CARES Act and Initiatives Related to COVID-19. COVID-19 Related Troubled Debt Restructurings and Loan Modifications for Affected Borrowers Beginning in March 2020, the Company proactively offered payment deferrals for up to 90 days to its loan customers regardless of the impact of the pandemic on their business or personal finances. As a result of payments being resumed at the conclusion of their payment deferral period, loans in which payments were being deferred decreased from the peak of $206.9 million to $175.0 million at June 30, 2020, to $27.3 million at September 30, 2020, to $16.1 million at December 31, 2020, to $8.7 million at March 31, 2021, $4.5 million at June 30, 2021, $4.1 million at September 30, 2021, and $0 at December 31, 2021. Troubled Debt Restructurings. In the determination of the allowance for loan losses, all TDRs are reviewed to ensure that one of the three proper valuation methods (fair market value of the collateral, present value of cash flows, or observable market price) is adhered to. All non-accrual loans are written down to its corresponding collateral value. All TDR accruing loans where the loan balance exceeds the present value of cash flow will have a specific allocation. All nonaccrual loans are considered impaired. Under ASC 310-10, a loan is impaired when it is probable that the Bank will be unable to collect all amounts due including both principal and interest according to the contractual terms of the loan agreement. Acquired credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality, found in FASB ASC Topic 310-30, ( Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality) A summary of changes in the accretable yield for PCI loans for the years ended December 31, 2021, 2020, and 2019 follows: Schedule for changes in the accretable yield for PCI loans (Dollars in thousands) Year Year Year Accretable yield, beginning of period $ 93 $ 123 $ 153 Additions — — — Accretion (29 ) (30 ) (30 ) Reclassification of non-accretable difference due to improvement in expected cash flows — — — Other changes, net — — — Accretable yield, end of period $ 64 $ 93 $ 123 At December 31, 2021 and December 31, 2020, the recorded investment in purchased impaired loans was $ 109 thousand 110 thousand 152 thousand 171 thousand Related party loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and generally do not involve more than the normal risk of collectability. The following table presents related party loan transactions for the years ended December 31, 2021 and December 31, 2020. Schedule of Related Party Loans (Dollars in thousands) For the years ended 2021 2020 Balance, beginning of year $ 3,297 $ 4,108 New Loans 4 188 Less loan repayments 492 999 Balance, end of year $ 2,809 $ 3,297 |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | Note 5— FAIR VALUE MEASUREMENT The Company adopted FASB ASC Fair Value Measurement Topic 820, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level l Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. FASB ASC 825-10-50 “Disclosure about Fair Value of Financial Instruments”, requires the Company to disclose estimated fair values for its financial instruments. Fair value estimates, methods, and assumptions are set forth below. Cash and short term investments—The carrying amount of these financial instruments (cash and due from banks, interest-bearing bank balances, federal funds sold and securities purchased under agreements to resell) approximates fair value. All mature within 90 days and do not present unanticipated credit concerns and are classified as Level 1. Investment Securities—Measurement is on a recurring basis based upon quoted market prices, if available. If quoted market prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for prepayment assumptions, projected credit losses, and liquidity. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, or by dealers or brokers in active over-the-counter markets. Level 2 securities include mortgage-backed securities issued both by government sponsored enterprises and private label mortgage-backed securities. Generally, these fair values are priced from established pricing models. Level 3 securities include corporate debt obligations and asset–backed securities that are less liquid or for which there is an inactive market. Other investments, at cost—The carrying value of other investments, such as FHLB stock, approximates fair value based on redemption provisions. Loans Held for Sale—The Company originates fixed rate residential loans on a servicing released basis in the secondary market. Loans closed but not yet settled with an investor, are carried in the Company’s loans held for sale portfolio. These loans are fixed rate residential loans that have been originated in the Company’s name and have closed. Virtually all of these loans have commitments to be purchased by investors at a locked in price with the investors on the same day that the loan was locked in with the Company’s customers. Therefore, these loans present very little market risk for the Company and are classified as Level 2. The carrying amount of these loans approximates fair value. Loans— The valuation of loans receivable is estimated using the exit price notion which incorporates factors, such as enhanced credit risk, illiquidity risk and market factors that sometimes exist in exit prices in dislocated markets. This credit risk assumption is intended to approximate the fair value that a market participant would realize in a hypothetical orderly transaction. The Company’s loan portfolio is initially fair valued using a segmented approach. The Company divides its loan portfolio into the following categories: variable rate loans, impaired loans and all other loans. The results are then adjusted to account for credit risk as described above. Other Real Estate Owned (“OREO”)—OREO is carried at the lower of carrying value or fair value on a non-recurring basis. Fair value is based upon independent appraisals or management’s estimation of the collateral and is considered a Level 3 measurement. Accrued Interest Receivable—The fair value approximates the carrying value and is classified as Level 1. Deposits—The fair value of demand deposits, savings accounts, and money market accounts is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposits is estimated by discounting the future cash flows using rates currently offered for deposits of similar remaining maturities. Deposits are classified as Level 2. Federal Home Loan Bank Advances—Fair value is estimated based on discounted cash flows using current market rates for borrowings with similar terms and are classified as Level 2. Short Term Borrowings—The carrying value of short term borrowings (securities sold under agreements to repurchase and demand notes to the Treasury) approximates fair value. These are classified as Level 2. Junior Subordinated Debentures—The fair values of junior subordinated debentures are estimated by using discounted cash flow analyses based on incremental borrowing rates for similar types of instruments. These are classified as Level 2. Accrued Interest Payable—The fair value approximates the carrying value and is classified as Level 1. Commitments to Extend Credit—The fair value of these commitments is immaterial because their underlying interest rates approximate market. The carrying amount and estimated fair value by classification Level of the Company’s financial instruments as of December 31, 2021 and December 31, 2020 are as follows: Fair Value, by Balance Sheet Grouping December 31, 2021 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 69,022 $ 69,022 $ 69,022 $ — $ — Available-for-sale securities 564,839 564,839 39,829 525,010 — Other investments, at cost 1,785 1,785 — — 1,785 Loans held for sale 7,120 7,120 — 7,120 — Net loans receivable 852,523 851,822 — — 851,822 Accrued interest 3,927 3,927 3,927 — — Financial liabilities: Non-interest bearing demand $ 444,688 $ 444,688 $ — $ 444,688 $ — Interest bearing demand deposits and money market accounts 619,057 619,057 — 619,057 — Savings 143,765 143,765 — 143,765 — Time deposits 153,781 154,030 — 154,030 — Total deposits 1,361,291 1,361,540 — 1,361,540 — Federal Home Loan Bank Advances — — — — — Short term borrowings 54,216 54,216 — 54,216 — Junior subordinated debentures 14,964 15,015 — 15,015 — Accrued interest payable 404 404 404 — — December 31, 2020 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 64,992 $ 64,992 $ 64,992 $ — $ — Available-for-sale securities 359,866 359,866 20,564 339,302 — Other investments, at cost 2,053 2,053 — — 2,053 Loans held for sale 45,020 45,020 — 45,020 — Net loans receivable 833,768 829,685 — — 829,685 Accrued interest 4,167 4,167 4,167 — — Financial liabilities: Non-interest bearing demand $ 385,511 $ 385,511 $ — $ 385,511 $ — NOW and money market accounts 520,205 520,205 — 520,205 — Savings 123,032 123,032 — 123,032 — Time deposits 160,665 161,505 — 161,505 — Total deposits 1,189,413 1,190,253 — 1,190,253 — Federal Home Loan Bank Advances — — — — — Short term borrowings 40,914 40,914 — 40,914 — Junior subordinated debentures 14,964 11,748 — 11,748 — Accrued interest payable 667 667 667 — — The following table summarizes quantitative disclosures about the fair value for each category of assets carried at fair value as of December 31, 2021 and December 31, 2020 that are measured on a recurring basis. There were no liabilities carried at fair value as of December 31, 2021 or December 31, 2020 that are measured on a recurring basis. Fair Value, Assets Measured on Recurring Basis (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Available- for-sale securities US Treasury Securities $ 15,436 $ — $ 15,436 $ — Government Sponsored Enterprises 2,501 — 2,501 — Mortgage-backed securities 397,729 25,934 371,796 — Small Business Administration pools 31,273 — 31,273 — State and local government 109,848 12,896 96,952 — Corporate and other securities 8,052 1,000 7,052 — Total Available-for-sale securities 564,839 39,830 525,010 — Loans held for sale 7,120 — 7,120 — Total $ 571,959 $ 39,830 $ 532,130 $ — (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Available-for-sale securities US treasury securities $ 1,502 $ — $ 1,502 $ — Government sponsored enterprises 1,006 — 1,006 — Mortgage-backed securities 229,929 17,029 212,900 — Small Business Administration securities 35,498 — 35,498 — State and local government 88,603 3,535 85,068 — Corporate and other securities 3,328 — 3,328 — Total Available-for-sale securities 359,866 20,564 339,302 — Loans held-for-sale 45,020 — 45,020 — Total $ 404,886 $ 20,564 $ 384,322 $ — The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of December 31, 2021 and December 31, 2020 that are measured on a non-recurring basis. There were no liabilities carried at fair value and measured on a non-recurring basis at December 31, 2021 and 2020. Fair Value, Assets Measured on Non-Recurring Basis (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Impaired loans: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential 133 — — 133 Mortgage-commercial 1,560 — — 1,560 Consumer: Home equity — — — — Other — — — — Total impaired 1,693 — — 1,694 Other real estate owned: Construction 624 — — 624 Mortgage-commercial 541 — — 541 Total other real estate owned 1,165 — — 1,165 Total $ 2,859 $ — $ — $ 2,859 (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Impaired loans: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential 440 — — 440 Mortgage-commercial 5,629 — — 5,629 Consumer: Home equity 42 — — 42 Other — — — — Total impaired 6,111 — — 6,111 Other real estate owned: Construction 600 — — 600 Mortgage-commercial 594 — — 594 Total other real estate owned 1,194 — — 1,194 Total $ 7,305 $ — $ — $ 7,305 The Company has a large percentage of loans with real estate serving as collateral. Loans which are deemed to be impaired are primarily valued on a nonrecurring basis at the fair value of the underlying real estate collateral. Such fair values are obtained using independent appraisals, which the Company considers to be Level 3 inputs. Third party appraisals are generally obtained when a loan is identified as being impaired or at the time it is transferred to OREO. This internal process would consist of evaluating the underlying collateral to independently obtained comparable properties. With respect to less complex or smaller credits, an internal evaluation may be performed. Generally, the independent and internal evaluations are updated annually. Factors considered in determining the fair value include geographic sales trends, the value of comparable surrounding properties as well as the condition of the property. The aggregate amount of impaired loans was $1.2 million and $6.1 million for the year ended December 31, 2021, and year ended December 31, 2020, respectively. For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2021 and December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows: Fair Value Measurement Inputs and Valuation Techniques (Dollars in thousands) Fair Value as Valuation Technique Significant Significant OREO $ 1,165 Appraisal Value/Comparison Appraisals and or sales of comparable properties Appraisals discounted 6% 16% Impaired loans $ 1,694 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% 16% (Dollars in thousands) Fair Value as Valuation Technique Significant Significant OREO $ 1,194 Appraisal Value/Comparison Appraisals and or sales of comparable properties Appraisals discounted 6% 16% Impaired loans $ 6,111 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% 16% |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | Note 6— PROPERTY AND EQUIPMENT Property and equipment consisted of the following: December 31, (Dollars in thousands) 2021 2020 Land $ 10,454 $ 11,166 Premises 29,415 29,342 Equipment 6,855 7,050 Fixed assets in progress (4 ) 62 Property and equipment, gross 46,720 47,620 Accumulated depreciation 13,889 13,162 Property and Equipment Net $ 32,831 $ 34,458 Provision for depreciation included in operating expenses for the years ended December 31, 2021, 2020 and 2019 amounted to $1.7 million, $1.6 million, and $1.6 million, respectively. Premises held-for-sale was $ 0 591 thousand 103 thousand 0 14 thousand 0 |
GOODWILL, CORE DEPOSIT INTANGIB
GOODWILL, CORE DEPOSIT INTANGIBLE AND OTHER ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL, CORE DEPOSIT INTANGIBLE AND OTHER ASSETS | Note 7— GOODWILL, CORE DEPOSIT INTANGIBLE AND OTHER ASSETS Intangible assets (excluding goodwill) December 31, (Dollars in thousands) 2021 2020 2019 Core deposit premiums, gross carrying amount $ 3,358 $ 3,358 $ 3,358 Other intangibles 538 538 538 Gross carrying amount 3,896 3,896 3,896 Accumulated amortization (2,977 ) (2,776 ) (2,413 ) Net $ 919 $ 1,120 $ 1,483 Based on the core deposit and other intangibles as of December 31, 2021, the following table presents the aggregate amortization expense for each of the succeeding years (Dollars in thousands) Amount 2022 $ 158 2023 157 2024 158 2025 157 2026 and thereafter 289 Total $ 919 Amortization of the intangibles amounted to $ 201 thousand 363 thousand 523 thousand On October 20, 2017, we completed our acquisition of Cornerstone and its wholly-owned subsidiary, Cornerstone National Bank. Under the terms of the merger agreement, Cornerstone shareholders received either $11.00 in cash or 0.54 shares of the Company’s common stock, or a combination thereof, for each Cornerstone share they owned immediately prior to the merger, subject to the limitation that 70% of the outstanding shares of Cornerstone common stock were exchanged for shares of the Company’s common stock and 30% of the outstanding shares of Cornerstone were exchanged for cash. The Company issued 877,384 shares of common stock in the merger. Total intangibles, including goodwill of $9.5 million and a core deposit premium of $1.8 million, were recorded in conjunction with the acquisition. On February 1, 2014, we completed our acquisition of Savannah River Financial Corp. (“Savannah River”) and its wholly-owned subsidiary, Savannah River Banking Company. Under the terms of the merger agreement, Savannah River shareholders received either $11.00 in cash or 1.0618 shares of the Company’s common stock, or a combination thereof, for each Savannah River share they owned immediately prior to the merger, subject to the limitation that 60% of the outstanding shares of Savannah River common stock were exchanged for cash and 40% of the outstanding shares of Savannah River common stock were exchanged for shares of the Company’s common stock. The Company issued 1,274,200 shares of common stock in connection with the merger. Total intangibles, including goodwill of $4.5 million and a core deposit premium of $1.2 million, were recorded in conjunction with the acquisition. On September 26, 2014, the Bank completed its acquisition and assumption of approximately $40 million in deposits and $8.7 million in loans from First South Bank. This represented all of the deposits and a portion of the loans at First South Bank’s Columbia, South Carolina banking office located at 1333 Main Street. The Bank paid a premium of $714 thousand for the deposits and loans acquired. The deposits and loans from First South Bank have been consolidated into the Bank’s branch located at 1213 Lady Street, Columbia, South Carolina. The premium paid of $714 thousand plus fair value adjustments recorded on loans and deposits acquired resulted in a core deposit intangible of $365.9 thousand and other identifiable intangible assets in the amount of $538.6 thousand being recorded related to this transaction. As a result of the acquisition of Palmetto South Mortgage Corp. on July 31, 2011, we have recorded goodwill in the amount of $571 thousand. Total goodwill from acquisitions at December 31, 2021 and 2020 totaled $14.6 million. This amount is made up of the Cornerstone, Savannah River, and Palmetto South Mortgage Corporation acquisitions. The goodwill is tested for impairment annually having identified none as of December 31, 2021 or 2020. Bank-owned life insurance provides benefits to various bank officers. The carrying value of all existing policies at December 31, 2021 and 2020 was $29.2 million and $27.7 million, respectively. During 2021, an additional $850 thousand in Bank-owned life insurance was purchased. |
OTHER REAL ESTATE OWNED
OTHER REAL ESTATE OWNED | 12 Months Ended |
Dec. 31, 2021 | |
OTHER REAL ESTATE OWNED | Note 8— OTHER REAL ESTATE OWNED The following summarizes the activity in the other real estate owned December 31, (In thousands) 2021 2020 Balance—beginning of year $ 1,194 $ 1,410 Additions—foreclosures 145 114 Write-downs (50 ) (128 ) Sales (124 ) (202 ) Balance, end of year $ 1,165 $ 1,194 |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2021 | |
DEPOSITS | Note 9— DEPOSITS The Company’s total deposits December 31, December 31, (Dollars in thousands) 2021 2020 Non-interest bearing deposits $ 444,688 $ 385,511 Interest bearing demand deposits and money market accounts 619,057 520,205 Savings 143,765 123,032 Time deposits 153,781 160,665 Total deposits $ 1,361,291 $ 1,189,413 At December 31, 2021, the scheduled maturities of time deposits (Dollars in thousands) 2022 $ 117,612 2023 19,950 2024 8,409 2025 3,673 2026 4,037 2027 100 Time Deposits $ 153,781 Interest paid on time deposits of $100 thousand or more totaled $ 538 thousand 993 thousand 1.1 million Time deposits that meet or exceed the FDIC insurance limit of $250 thousand at year end 2021 and 2020 were $ 27.9 million 28.6 million Deposits from directors and executive officers and their related interests at December 31, 2021 and 2020 amounted to approximately $ 31.9 million 36.3 million The amount of overdrafts classified as loans at December 31, 2021 and 2020 were $ 58 thousand 61 thousand |
SECURITIES SOLD UNDER AGREEMENT
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED MONEY | 12 Months Ended |
Dec. 31, 2021 | |
Securities Sold Under Agreements To Repurchase And Other Borrowed Money | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED MONEY | Note 10— SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED MONEY Securities sold under agreements to repurchase generally mature within one day to four days from the transaction date. The weighted average interest rate at December 31, 2021 and 2020 was 0.12% 0.20% 72.4 million 73.0 million 62.2 million 49.5 million 0.14% 0.38% At December 31, 2021 and 2020, the Company had unused short-term lines of credit totaling $ 70.0 million 70.0 million |
ADVANCES FROM FEDERAL HOME LOAN
ADVANCES FROM FEDERAL HOME LOAN BANK | 12 Months Ended |
Dec. 31, 2021 | |
ADVANCES FROM FEDERAL HOME LOAN BANK | Note 11— ADVANCES FROM FEDERAL HOME LOAN BANK As collateral for its advances, the Company has pledged in the form of blanket liens, eligible loans, in the amount of $ 22.8 million 22.1 million 5.0 million 2.0 million 0.18% 0.39% 0 15.0 million During the years ended December 31, 2021 and December 31, 2020 there were no advances that were prepaid. Accordingly, no losses were realized on early extinguishment. |
JUNIOR SUBORDINATED DEBT
JUNIOR SUBORDINATED DEBT | 12 Months Ended |
Dec. 31, 2021 | |
Junior Subordinated Debt | |
JUNIOR SUBORDINATED DEBT | Note 12— JUNIOR SUBORDINATED DEBT On September 16, 2004, FCC Capital Trust I (“Trust I”), a wholly owned unconsolidated subsidiary of the Company, issued and sold floating rate securities having an aggregate liquidation amount of $ 15.0 million LIBOR 257 100% |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
LEASES | Note 13— LEASES The Company has operating leases on three of its facilities. The leases have maturities ranging from September 2024 to December 2028 some of which include extensions of multiple five-year terms. The right-of-use asset and lease liability were $2.8 and $3.0 million, respectively, at December 31, 2021. During the twelve-month period ended December 31, 2021, the Company made cash payments in the amount of $ 297.6 thousand 164.6 thousand 323.0 thousand 15.08 4.42% (Dollars in thousands) 2022 $ 303 2023 309 2024 282 2025 222 2026 226 Thereafter 2,751 Total undiscounted lease payments $ 4,093 Less effect of discounting (1,143 ) Present value of estimated lease payments (lease liability) 2,950 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Note 14— INCOME TAXES Income tax expense Year ended December 31 (Dollars in thousands) 2021 2020 2019 Current Federal $ 3,653 $ 2,724 $ 2,299 State 749 523 541 4,402 3,247 2,840 Deferred Federal (167 ) (751 ) 18 State (53 ) (34 ) — (220 ) (785 ) 18 Income tax expense $ 4,182 $ 2,496 $ 2,858 Reconciliation from expected federal tax expense to effective income tax expense Year ended December 31 (Dollars in thousands) 2021 2020 2019 Expected federal income tax expense $ 4,126 $ 2,645 $ 2,904 State income tax net of federal benefit 550 386 427 Tax exempt interest (396 ) (316 ) (293 ) Increase in cash surrender value life insurance (146 ) (153 ) (144 ) Valuation allowance 32 32 52 Life Insurance Proceeds — (65 ) — Excess tax benefit of stock compensation (11 ) (1 ) (56 ) Other 27 (32 ) (32 ) Income tax expense $ 4,182 $ 2,496 $ 2,858 The following is a summary of the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities: December 31, (Dollars in thousands) 2021 2020 Assets: Allowance for loan losses $ 2,415 $ 2,235 Excess tax basis of deductible intangible assets 98 130 Excess tax basis of assets acquired 28 57 Net operating loss carry forward 792 757 Compensation expense deferred for tax purposes 1,221 1,125 Deferred loss on other-than-temporary-impairment charges 5 5 FASB 91 - Origination Income & Costs 296 253 Tax credit carry-forwards 33 33 Other Real Estate Owned 230 229 Other 183 163 Total deferred tax asset 5,301 4,987 Valuation reserve 889 857 Total deferred tax asset net of valuation reserve 4,412 4,130 Liabilities: Tax depreciation in excess of book depreciation 612 514 Excess financial reporting basis of assets acquired 969 1,005 Unrealized gain on available-for-sale securities 1,021 3,149 Total deferred tax liabilities 2,602 4,668 Net deferred tax asset / (liability) recognized $ 1,810 $ (538 ) At December 31, 2021 the Company has approximately $ 20.1 million A portion of the change in the net deferred tax asset relates to unrealized gains on securities available-for-sale. The tax benefit related to the change in unrealized gain on these securities of $2.1 million has been recorded directly to shareholders equity. The balance in the change in net deferred tax asset results from the current period deferred tax benefit of $220 thousand. At December 31, 2021, the Company had no federal net operating loss carryforward. Tax returns for 2018 and subsequent years are subject to examination by taxing authorities. As of December 31, 2021, the Company had no material unrecognized tax benefits or accrued interest and penalties. It is the Company’s policy to account for interest and penalties accrued relative to unrecognized tax benefits as a component of income tax expense. |
COMMITMENTS, CONCENTRATIONS OF
COMMITMENTS, CONCENTRATIONS OF CREDIT RISK AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, CONCENTRATIONS OF CREDIT RISK AND CONTINGENCIES | Note 15— COMMITMENTS, CONCENTRATIONS OF CREDIT RISK AND CONTINGENCIES The Bank is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of these instruments. The Bank uses the same credit policies in making commitments as for on-balance sheet instruments. At December 31, 2021 and 2020, the Bank had commitments to extend credit including lines of credit of $ 137.4 million 142.6 million Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require a payment of a fee. Since commitments may expire without being drawn upon, the total commitments do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the party. Collateral held varies but may include inventory, property and equipment, residential real estate and income producing commercial properties. The primary market areas served by the Bank include the Midlands Region of South Carolina to include Lexington, Richland, Newberry and Kershaw Counties; the Central Savannah River Region include Aiken County, South Carolina and Richmond and Columbia Counties in Georgia. With the acquisition of Cornerstone, we also serve Greenville, Anderson and Pickens Counties in South Carolina which we refer to as the Upstate Region. Management closely monitors its credit concentrations and attempts to diversify the portfolio within its primary market area. The Company considers concentrations of credit risk to exist when pursuant to regulatory guidelines, the amounts loaned to multiple borrowers engaged in similar business activities represent 25% 36.0 million Based on this criteria, the Bank had five 259.0 million 30.0% 120.8 million 14.0% 57.7 million 6.7% 38.2 million 4.4% 47.2 million 5.5% 455 420 703.2 million 81.4% 243.7 million 34.7% The nature of the business of the Company and Bank may at times result in a certain amount of litigation. The Bank is involved in certain litigation that is considered incidental to the normal conduct of business. Management believes that the liabilities, if any, resulting from the proceedings will not have a material adverse effect on the consolidated financial position, consolidated results of operations or consolidated cash flows of the Company. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition | |
REVENUE RECOGNITION | Note 16— REVENUE RECOGNITION In accordance with Topic 606, revenues are recognized when control of promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services that are promised within each contract and identifies those that contain performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Deposit Service Charges: Check Card Fee Income: Gains/Losses on OREO Sales: (Dollars in thousands) December 31, December 31, Non-Interest Income 2021 2020 Deposit service charges $ 977 $ 1,121 Mortgage banking income (1) 4,319 5,557 Investment advisory fees and non-deposit commissions (1) 3,995 2,720 Gain (loss) on sale of securities (1) — 99 Gain on sale of other real estate owned 77 147 Gain (loss) on sale of other assets 117 — Non-recurring BOLI income 171 311 Other (2) 4,248 3,814 Total non-interest income 13,904 13,769 (1) Not within the scope of ASC 606 (2) Includes Check Card Fee income discussed above. No other items are within the scope of ASC 606. |
OTHER EXPENSES
OTHER EXPENSES | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
OTHER EXPENSES | Note 17— OTHER EXPENSES A summary of the components of other non-interest expense Year ended December 31, (Dollars in thousands) 2021 2020 2019 ATM/debit card, bill payment and data processing $ 3,823 $ 3,123 $ 2,834 Supplies 116 138 151 Telephone 365 350 413 Courier 181 176 152 Correspondent services 280 272 248 Insurance 325 316 263 Postage 50 36 47 Loss on limited partnership interest — — 88 Director fees 360 336 348 Legal and Professional fees 878 1,058 959 Shareholder expense 212 192 171 Other 1,777 1,554 1,718 Total $ 8,367 $ 7,551 $ 7,392 |
STOCK OPTIONS, RESTRICTED STOCK
STOCK OPTIONS, RESTRICTED STOCK, AND DEFERRED COMPENSATION | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK OPTIONS, RESTRICTED STOCK, AND DEFERRED COMPENSATION | Note 18— STOCK OPTIONS, RESTRICTED STOCK, AND DEFERRED COMPENSATION The Company has adopted a stock option plan whereby shares have been reserved for issuance by the Company upon the grant of stock options or restricted stock awards. At December 31, 2021 and 2020, the Company had 71,768 94,910 350,000 ten years First Community Corporation 2011 Stock Incentive Plan In 2011, the Company and its shareholders adopted a stock incentive plan whereby 350,000 shares were reserved for issuance by the Company upon the grant of stock options or restricted stock awards under the plan (the “2011 Plan”). The 2011 Plan provided for the grant of options to key employees and directors as determined by a stock option committee made up of at least two members of the board of directors. Options are exercisable for a period of ten years from the date of grant. There were no stock options outstanding and exercisable at December 31, 2021, December 31, 2020 and December 31, 2019. At December 31, 2020, the Company had 94,910 Under the 2011 Plan, the employee restricted shares and units cliff vest over a three-year period and the non-employee director shares vest approximately one year after issuance. The unrecognized compensation cost at December 31, 2021 and December 31, 2020 for non-vested shares amounts to $ 293.9 thousand 283.1 thousand 79.0 thousand 107.4 thousand Historically, the Company granted time-based equity awards that vested based on continued service. Beginning in 2021 and in addition to time-based equity awards, the Company began granting performance-based equity awards in the form of performance-based restricted stock units, with the target number of performance-based restricted stock units for the Company’s Chief Executive Officer and other executive officers representing 50% of total target equity awards. These performance-based restricted stock units cliff vest over three years and include conditions based on the following performance measures: total shareholder return, return on average equity, and non-performing assets. The Company granted 13,302 performance-based restricted stock units with a fair value of $234.0 thousand during 2021. The Company granted no performance-based restricted stock units in 2020. The related compensation cost for the performance-based restricted stock units is accrued over the vesting period and was $65.0 thousand during the year ended December 31, 2021. The total related compensation cost for restricted stock units was $144.0 thousand and $107.4 thousand at December 31, 2021, and December 31, 2020, respectively, including both time-based and performance-based restricted stock units. First Community Corporation 2021 Omnibus Equity Incentive Plan In 2021, the Company and its shareholders adopted an omnibus equity incentive plan whereby 225,000 shares were reserved for issuance by the Company to help the company attract, retain and motivate directors, officers, employees, consultants and advisors of the Company and its subsidiaries (the “2021 Plan”). The 2021 Plan replaced the 2011 Plan. No awards have been granted under the 2021 Plan as of December 31, 2021. Non-Employee Director Deferred Compensation Plan Under the Company’s Non-Employee Director Deferred Compensation Plan, as amended and restated effective as of January 1, 2021, a director may elect to defer all or any part of annual retainer and monthly meeting fees payable with respect to service on the board of directors or a committee of the board. Units of common stock are credited to the director’s account as of the last day of such calendar quarter during which the compensation is earned and are included in dilutive securities in the table below. The non-employee director’s account balance is distributed by issuance of common stock within 30 days following such director’s separation from service from the board of directors. At December 31, 2021 and 2020, there were 85,765 and 88,412 units in the plan, respectively. 1.1 million 1.1 million The table below summarizes the common shares of restricted stock granted to each non-employee director in connection with their overall compensation plan Restricted shares granted Year Total per Director Value Date shares 2021 7,959 796 $ 17.59 1/1/22 2020 2,662 242 $ 20.64 1/1/21 2019 2,976 248 $ 20.18 1/1/20 In 2021, 2020 and 2019, 13,302 17,175 8,418 329.3 thousand 312.2 thousand 143.9 thousand 17.59 20.64 20.18 In 2014, 29,228 10.55 Warrants to purchase 37,130 5.90 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | Note 19— EMPLOYEE BENEFIT PLANS The Company maintains a 401(k) plan, which covers substantially all employees. Participants may contribute up to the maximum allowed by the regulations. During the years ended December 31, 2021, 2020 and 2019, the plan expense amounted to $ 581 thousand 552 thousand 528 thousand 100% 3% 50% 2% The Company acquired various single premium life insurance policies from DutchFork Bancshares that are used to indirectly fund fringe benefits to certain employees and officers. A salary continuation plan was established payable for two key individuals upon attainment of age 63 2,500 seventeen years Other plans acquired were supplemental life insurance covering certain key employees. In 2006, the Company established a salary continuation plan which covers six three 3.5 million 5.2 million 1.5 million 1.6 million 850 thousand The cash surrender value at December 31, 2021 and 2020 of all bank owned life insurance was $29.2 million and $27.7 million, respectively. Expenses accrued for the anticipated benefits under the salary continuation plans for the year ended December 31, 2021, 2020 and 2019 amounted to $516 thousand, $514 thousand, and $437 thousand, respectively. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | Note 20— EARNINGS PER COMMON SHARE The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation: Schedule of Earning Per Common Share Year ended December 31, (Amounts in thousands) 2021 2020 2019 Numerator (Included in basic and diluted earnings per share) $ 15,465 $ 10,099 $ 10,971 Denominator Weighted average common shares outstanding for: Basic earnings per common share 7,491 7,446 7,510 Dilutive securities: Deferred compensation 58 36 58 Warrants—Treasury stock method — — 20 Diluted common shares outstanding 7,549 7,482 7,588 Basic earnings per common share $ 2.06 $ 1.36 $ 1.46 Diluted earnings per common share $ 2.05 $ 1.35 $ 1.45 The average market price used in calculating assumed number of shares $ 19.68 $ 15.89 $ 19.32 On December 16, 2011 there were 107,500 2.5 million |
SHAREHOLDERS_ EQUITY, CAPITAL R
SHAREHOLDERS’ EQUITY, CAPITAL REQUIREMENTS AND DIVIDEND RESTRICTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY, CAPITAL REQUIREMENTS AND DIVIDEND RESTRICTIONS | Note 21— SHAREHOLDERS’ EQUITY, CAPITAL REQUIREMENTS AND DIVIDEND RESTRICTIONS The Company and Bank are subject to various federal and state regulatory requirements, including regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary, actions that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific guidelines that involve quantitative measures of the Company’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Company and Bank capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weighting, and other factors. The Bank is required to maintain minimum Tier 1 capital, Common Equity Tier I (CET1) capital, total risked based capital and Tier 1 leverage ratios of 6%, 4.5%, 8% and 4%, respectively. Regulatory capital rules adopted in July 2013 and fully-phased in as of January 1, 2019, which we refer to Basel III, impose minimum capital requirements for bank holding companies and banks. The Basel III rules apply to all national and state banks and savings associations regardless of size and bank holding companies and savings and loan holding companies other than “small bank holding companies,” generally holding companies with consolidated assets of less than $3 billion (such as the Company). In order to avoid restrictions on capital distributions or discretionary bonus payments to executives, a covered banking organization must maintain a “capital conservation buffer” on top of our minimum risk-based capital requirements. This buffer must consist solely of common equity Tier 1, but the buffer applies to all three measurements (common equity Tier 1, Tier 1 capital and total capital). The capital conservation buffer consists of an additional amount of CET1 equal to 2.5% of risk-weighted assets. Based on the foregoing, as a small bank holding company, we are generally not subject to the capital requirements unless otherwise advised by the Federal Reserve; however, our Bank remains subject to the capital requirements. On October 20, 2017, we completed our acquisition of Cornerstone and its wholly-owned subsidiary, Cornerstone National Bank. Under the terms of the merger agreement, Cornerstone shareholders received either $11.00 in cash or 0.54 shares of the Company’s common stock, or a combination thereof, for each Cornerstone share they owned immediately prior to the merger, subject to the limitation that 70% of the outstanding shares of Cornerstone common stock were exchanged for shares of the Company’s common stock and 30% of the outstanding shares of Cornerstone were exchanged for cash. The Company issued 877,384 shares of common stock in the merger. The Bank exceeded the minimum regulatory capital ratios at December 31, 2021 and 2020, as set forth in the following table: Schedule of actual capital amounts and ratios as well as minimum amounts for each regulatory defined category for the bank and the company (In thousands) Minimum % Actual % Excess % The Bank (1)(2) December 31, 2021 Risk Based Capital Tier 1 $ 57,075 6.0 % $ 132,918 14.0 % $ 75,843 8.0 % Total Capital $ 76,101 8.0 % $ 144,097 15.2 % $ 67,996 7.1 % CET1 $ 42,807 4.5 % $ 132,918 14.0 % $ 90,111 9.5 % Tier 1 Leverage $ 62,897 4.0 % $ 132,918 8.5 % $ 70,021 4.5 % December 31, 2020 Risk Based Capital Tier 1 $ 56,288 6.0 % $ 120,385 12.8 % $ 64,097 6.8 % Total Capital $ 75,051 8.0 % $ 130,774 13.9 % $ 55,723 5.9 % CET1 $ 42,216 4.5 % $ 120,385 12.8 % $ 78,169 8.3 % Tier 1 Leverage $ 54,492 4.0 % $ 120,385 8.8 % $ 65,893 4.8 % (1) As a small bank holding company, we are generally not subject to the capital requirements unless otherwise advised by the Federal Reserve. (2) Ratios do not include the capital conservation buffer of 2.5%. The Federal Reserve has issued a policy statement regarding the payment of dividends by bank holding companies. In general, the Federal Reserve’s policies provide that dividends should be paid only out of current earnings and only if the prospective rate of earnings retention by the bank holding company appears consistent with the organization’s capital needs asset quality and overall financial condition. The Federal Reserve’s policies also require that a bank holding company serve as a source of financial strength to its subsidiary banks by standing ready to use available resources to provide adequate capital funds to those banks during periods of financial stress or adversity and by maintaining the financial flexibility and capital-raising capacity to obtain additional resources for assisting its subsidiary banks where necessary. In addition, under the prompt corrective action regulations, the ability of a bank holding company to pay dividends may be restricted if a subsidiary bank becomes undercapitalized. These regulatory policies could affect the ability of the Company to pay dividends or otherwise engage in capital distributions. The Company’s principal source of cash flow, including cash flow to pay dividends to its shareholders, is dividends it receives from the Bank. Statutory and regulatory limitations apply to the Bank’s payment of dividends to the Company. As a South Carolina chartered bank, the Bank is subject to limitations on the amount of dividends that it is permitted to pay. Unless otherwise instructed by the S.C. Board, the Bank is generally permitted under South Carolina State banking regulations to pay cash dividends of up to 100% If the Bank is not permitted to pay cash dividends to the Company, it is unlikely that we would be able to pay cash dividends on our common stock. Moreover, holders of the Company’s common stock are entitled to receive dividends only when, and if declared by the board of directors. Although the Company has historically paid cash dividends on its common stock, the Company is not required to do so and the board of directors could reduce or eliminate our common stock dividend in the future. |
PARENT COMPANY FINANCIAL INFORM
PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
PARENT COMPANY FINANCIAL INFORMATION | Note 22— PARENT COMPANY FINANCIAL INFORMATION The balance sheets, statements of operations and cash flows for First Community Corporation (Parent Only) follow: Condensed Balance Sheets At December 31, (Dollars in thousands) 2021 2020 Assets: Cash on deposit $ 3,335 $ 3,357 Interest bearing deposits — — Securities purchased under agreement to resell — — Investment in bank subsidiary 151,519 147,140 Other 1,353 1,046 Total assets $ 156,207 $ 151,543 Liabilities: Junior subordinated debentures $ 14,964 $ 14,964 Other 245 242 Total liabilities 15,209 15,206 Shareholders’ equity 140,998 136,337 Total liabilities and shareholders’ equity $ 156,207 $ 151,543 Condensed Statements of Operations Year ended December 31, (Dollars in thousands) 2021 2020 2019 Income: Interest and dividend income $ 13 $ 17 $ 24 Equity in undistributed earnings of subsidiary 12,386 6,759 4,776 Dividend income from bank subsidiary 4,019 4,158 7,057 Total income 16,418 10,934 11,857 Expenses: Interest expense 416 536 760 Other 772 518 381 Total expense 1,188 1,055 1,141 Income before taxes 15,230 9,879 10,716 Income tax benefit (235 ) (219 ) (255 ) Net income $ 15,465 $ 10,099 $ 10,971 Condensed Statements of Cash Flows Year ended December 31, (Dollars in thousands) 2021 2020 2019 Cash flows from operating activities: Net income $ 15,465 $ 10,099 $ 10,971 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed earnings of subsidiary (12,386 ) (6,759 ) (4,776 ) Other-net 145 42 322 Net cash provided by operating activities 3,224 3,382 6,517 Cash flows from investing activities: Purchase of investments at cost (87 ) — — Net cash provided by investing activities (87 ) — — Cash flows from financing activities: Dividends paid: common stock (3,593 ) (3,573 ) (3,306 ) Repurchase of common stock — — (5,636 ) Proceeds from issuance of common stock 46 4 — Dividend Reinvestment Plan 368 372 570 Issuance of restricted stock — — (75 ) Restricted shares surrendered (70 ) (15 ) (159 ) Deferred compensation shares 90 200 265 Net cash used in financing activities (3,159 ) (3,012 ) (8,341 ) Increase (decrease) in cash and cash equivalents (22 ) 370 (1,824 ) Cash and cash equivalents at beginning of year 3,357 2,987 4,811 Cash and cash equivalents at end of year $ 3,335 $ 3,357 $ 2,987 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | Note 23— SUBSEQUENT EVENTS Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. Management has reviewed events occurring through the date the financial statements were available to be issued and no subsequent events occurred requiring accrual or disclosure. |
QUARTERLY FINANCIAL DATA (UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA (UNAUDITED) | Note 24— QUARTERLY FINANCIAL DATA (UNAUDITED) The following provides quarterly financial data for 2021, 2020 and 2019 (dollars in thousands, except per share amounts). Schedule of Unaudited Quarterly Financial Data 2021 Fourth Third Second First Interest income $ 11,656 $ 12,982 $ 11,664 $ 11,218 Net interest income 11,164 12,456 11,092 10,567 Provision for loan losses (59 ) 49 168 177 Gain on sale of securities — — — — Income before income taxes 4,971 6,066 4,464 4,146 Net income 3,919 4,748 3,543 3,255 Net income available to common shareholders 3,919 4,748 3,543 3,255 Net income per share, basic $ 0.52 $ 0.63 $ 0.47 $ 0.44 Net income per share, diluted $ 0.52 $ 0.63 $ 0.47 $ 0.43 2020 Fourth Third Second First Interest income $ 11,426 $ 10,976 $ 10,666 $ 10,710 Net interest income 10,687 10,176 9,743 9,417 Provision for loan losses 276 1,062 1,250 1,075 Gain on sale of securities — 99 — — Income before income taxes 4,364 3,250 2,749 2,232 Net income 3,436 2,652 2,217 1,794 Net income available to common shareholders 3,436 2,652 2,217 1,794 Net income per share, basic $ 0.46 $ 0.36 $ 0.30 $ 0.24 Net income per share, diluted $ 0.46 $ 0.35 $ 0.30 $ 0.24 2019 Fourth Third Second First Interest income $ 10,786 $ 10,864 $ 10,606 $ 10,374 Net interest income 9,360 9,353 9,116 9,020 Provision for loan losses — 25 9 105 Gain on sale of securities 1 — 164 (29 ) Income before income taxes 3,425 3,651 3,653 3,101 Net income 2,697 2,898 2,881 2,495 Net income available to common shareholders 2,698 2,898 2,881 2,495 Net income per share, basic $ 0.36 $ 0.39 $ 0.38 $ 0.33 Net income per share, diluted $ 0.36 $ 0.39 $ 0.37 $ 0.33 |
REPORTABLE SEGMENTS
REPORTABLE SEGMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
REPORTABLE SEGMENTS | Note 25— REPORTABLE SEGMENTS The Company’s reportable segments represent the distinct product lines the Company offers and are viewed separately for strategic planning by management. The Company has four reportable segments: · Commercial and retail banking: The Company’s primary business is to provide deposit and lending products and services to its commercial and retail customers. · Mortgage banking: This segment provides mortgage origination services for loans that will be sold to investors in the secondary market. · Investment advisory and non-deposit: This segment provides investment advisory services and non-deposit products. · Corporate: This segment includes the parent company financial information, including interest on parent company debt and dividend income received from First Community Bank (the “Bank”). The following tables present selected financial information for the Company’s reportable business segments for the years ended December 31, 2021, December 31, 2020 and December 31, 2019. Schedule of Company’s Reportable Segment Year ended December 31, 2021 Commercial Mortgage Investment Corporate Eliminations Consolidated Dividend and Interest Income $ 46,499 $ 1,008 $ — $ 4,032 $ (4,019 ) $ 47,520 Interest expense 1,825 — — 416 — 2,241 Net interest income $ 44,674 $ 1,008 $ — $ 3,616 $ (4,019 ) $ 45,279 Provision for loan losses 335 — — — — 335 Noninterest income 5,590 4,319 3,995 — — 13,904 Noninterest expense 31,275 4,694 2,460 772 — 39,201 Net income before taxes $ 18,654 $ 633 $ 1,535 $ 2,844 $ (4,019 ) $ 19,647 Income tax expense (benefit) 4,417 — — (235 ) — 4,182 Net income $ 14,237 $ 633 $ 1,535 $ 3,079 $ (4,019 ) $ 15,465 Year ended December 31, 2020 Commercial Mortgage Investment Corporate Eliminations Consolidated Dividend and Interest Income $ 42,024 $ 1,737 $ — $ 4,175 $ (4,158 ) $ 43,778 Interest expense 3,219 — — 536 — 3,755 Net interest income $ 38,805 $ 1,737 $ — $ 3,639 $ (4,158 ) $ 40,023 Provision for loan losses 3,663 — — — — 3,663 Noninterest income 5,492 5,557 2,720 — — 13,769 Noninterest expense 30,111 4,993 1,912 518 — 37,534 Net income before taxes $ 10,523 $ 2,301 $ 808 $ 3,121 $ (4,158 ) $ 12,595 Income tax expense (benefit) 2,715 — — (219 ) — 2,496 Net income $ 7,808 $ 2,301 $ 808 $ 3,340 $ (4,158 ) $ 10,099 Year ended December 31, 2019 Commercial Mortgage Investment Corporate Eliminations Consolidated Dividend and Interest Income $ 41,545 $ 1,061 $ — $ 7,081 $ (7,057 ) $ 42,630 Interest expense 5,021 — — 760 — 5,781 Net interest income $ 36,524 $ 1,061 $ — $ 6,321 $ (7,057 ) $ 36,849 Provision for loan losses 139 — — — — 139 Noninterest income 5,160 4,555 2,021 — — 11,736 Noninterest expense 28,732 3,771 1,733 381 — 34,617 Net income before taxes $ 12,813 $ 1,845 $ 288 $ 5,940 $ (7,057 ) $ 13,829 Income tax expense (benefit) 3,114 — — (256 ) — 2,858 Net income $ 9,699 $ 1,845 $ 288 $ 6,196 $ (7,057 ) $ 10,971 (Dollars in thousands) Commercial Mortgage Investment Corporate Eliminations Consolidated Total Assets as of $ 1,566,949 $ 16,798 $ 2 $ 152,928 $ (152,169 ) $ 1,584,508 Total Assets as of $ 1,335,320 $ 59,372 $ 2 $ 140,256 $ (139,568 ) $ 1,395,382 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses. The estimation process includes management’s judgment as to future losses on existing loans based on an internal review of the loan portfolio, including an analysis of the borrower’s current financial position, the consideration of current and anticipated economic conditions and the effect on specific borrowers. In determining the collectability of loans management also considers the fair value of underlying collateral. Various regulatory agencies, as an integral part of their examination process, review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. Because of these factors it is possible that the allowance for loan losses could change materially. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, due from banks, interest-bearing bank balances, federal funds sold and securities purchased under agreements to resell. Generally federal funds are sold for a one-day period and securities purchased under agreements to resell mature in less than 90 days. |
Investment Securities | Investment Securities Investment securities are classified as either held-to-maturity, available-for-sale or trading securities. In determining such classification, securities that the Company has the positive intent and ability to hold to maturity are classified as held-to maturity and are carried at amortized cost. Securities classified as available-for-sale are carried at estimated fair values with unrealized gains and losses included in shareholders’ equity on an after-tax basis. Trading securities are carried at estimated fair value with unrealized gains and losses included in non-interest income (See Note 4). Gains and losses on the sale of available-for-sale securities and trading securities are determined using the specific identification method. Declines in the fair value of individual held-to-maturity and available-for-sale securities below their cost that are judged to be other than temporary are written down to fair value and charged to income in the Consolidated Statement of Income. Premiums and discounts are recognized in interest income using the interest method over the period to the earliest call date. |
Mortgage Loans Held for Sale | Mortgage Loans Held for Sale The Company originates fixed rate residential loans on a servicing released basis in the secondary market. Loans closed but not yet settled with an investor, are carried in the Company’s loans held for sale portfolio. These loans are primarily fixed rate residential loans that have been originated in the Company’s name and have closed. Virtually all these loans have commitments to be purchased by investors at a locked in price with the investors on the same day that the loan was locked in with the Company’s customers. Therefore, these loans present very little market risk for the Company. The Company usually delivers to, and receives funding from, the investor within 30 days. Commitments to sell these loans to the investor are considered derivative contracts and are sold to investors on a “best efforts” basis. The Company is not obligated to deliver a loan or pay a penalty if a loan is not delivered to the investor. As a result of the short-term nature of these derivative contracts, the fair value of the mortgage loans held for sale in most cases is the same as the value of the loan amount at its origination . |
Loans and Allowance for Loan Losses | Loans and Allowance for Loan Losses Loan receivables that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balance adjusted for any charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest is recognized over the term of the loan based on the loan balance outstanding. Fees charged for originating loans, if any, are deferred and offset by the deferral of certain direct expenses associated with loans originated. The net deferred fees are recognized as yield adjustments by applying the interest method. The allowance for loan losses is maintained at a level believed to be adequate by management to absorb potential losses in the loan portfolio. Management’s determination of the adequacy of the allowance is based on an evaluation of the portfolio, past loss experience, economic conditions and volume, growth and composition of the portfolio. The Company considers a loan to be impaired when, based upon current information and events, it is believed that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans that are considered impaired are accounted for at the lower of carrying value or fair value. The accrual of interest on impaired loans is discontinued when, in management’s opinion, the borrower may be unable to meet payments as they become due, generally when a loan becomes 90 days past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received first to principal and then to interest income. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the asset’s estimated useful life. Estimated lives range up to 39 years 10 years |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the cost in excess of fair value of net assets acquired (including identifiable intangibles) in purchase transactions. Other intangible assets represent premiums paid for acquisitions of core deposits (core deposit intangibles). Core deposit intangibles are being amortized on a straight-line basis over seven years. Goodwill and identifiable intangible assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The annual valuation is performed on December 31 of each year. |
Other Real Estate Owned | Other Real Estate Owned Other real estate owned includes real estate acquired through foreclosure. Other real estate owned is carried at the lower of cost (principal balance at date of foreclosure) or fair value minus estimated cost to sell. Any write-downs at the date of foreclosure are charged to the allowance for loan losses. Expenses to maintain such assets, subsequent changes in the valuation allowance, and gains or losses on disposal are included in other expenses. |
Comprehensive Income (loss) | Comprehensive Income (loss) The Company reports comprehensive income (loss) in accordance with Accounting Standards Codification (“ASC”) 220, “Comprehensive Income.” ASC 220 requires that all items that are required to be reported under accounting standards as comprehensive income (loss) be reported in a financial statement that is displayed with the same prominence as other financial statements. The disclosures requirements have been included in the Company’s consolidated statements of comprehensive income. |
Mortgage Origination Fees | Mortgage Origination Fees Mortgage origination fees relate to activities comprised of accepting residential mortgage applications, qualifying borrowers to standards established by investors and selling the mortgage loans to the investors under pre-existing commitments. The related fees received by the Company for these services are recognized at the time the loan is closed. |
Advertising Expense | Advertising Expense Advertising and public relations costs are generally expensed as incurred. External costs incurred in producing media advertising are expensed the first time the advertising takes place. External costs relating to direct mailing costs are expensed in the period in which the direct mailings are sent. Advertising expense totaled $ 1.2 million 1.0 million 1.1 million |
Income Taxes | Income Taxes A deferred income tax liability or asset is recognized for the estimated future effects attributable to differences in the tax bases of assets or liabilities and their reported amounts in the financial statements as well as operating loss and tax credit carry forwards. The deferred tax asset or liability is measured using the enacted tax rate expected to apply to taxable income in the period in which the deferred tax asset or liability is expected to be realized. In 2006, the FASB issued guidance related to Accounting for Uncertainty in Income Taxes. This guidance clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with FASB ASC Topic 740-10, “Income Taxes.” It also prescribes a recognition threshold and measurement of a tax position taken or expected to be taken in an enterprise’s tax return. |
Stock Based Compensation Cost | Stock Based Compensation Cost The Company accounts for stock-based compensation under the fair value provisions of the accounting literature. Compensation expense is recognized in salaries and employee benefits. The fair value of each grant is estimated on the date of grant using the Black-Sholes option pricing model. No options were granted in 2021, 2020 or 2019. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share (“EPS”) excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock and common stock equivalents. Common stock equivalents consist of stock options and warrants and are computed using the treasury stock method. |
Business Combinations and Method of Accounting for Loans Acquired | Business Combinations and Method of Accounting for Loans Acquired The Company accounts for its acquisitions under FASB ASC Topic 805, “ Business Combinations Fair Value Measurements and Disclosures.” Acquired credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality, found in FASB ASC Topic 310-30, “ Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality,” Accounting for Certain Loans or Debt Securities Acquired in a Transfer |
Segment Information | Segment Information ASC Topic 280-10, “ Segment Reporting four |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In June 2016, the FASB issued guidance to change the accounting for credit losses and modify the impairment model for certain debt securities. The amendments will be effective for the Company for reporting periods beginning after December 15, 2022. Early adoption is permitted for all organizations for periods beginning after December 15, 2018. The Company is currently evaluating the effect that implementation of the new standard will have on its financial position, results of operations, and cash flows. In November 2019, the FASB issued guidance to defer the effective dates for private companies, not-for-profit organizations, and certain smaller reporting companies applying standards on current expected credit losses (CECL), leases, hedging. The new effective date for CECL will be fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. The Company is evaluating the impact that this will have on its financial statements. In November 2019, the FASB issued guidance that addresses issues raised by stakeholders during the implementation of ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments affect a variety of topics in the ASC. For entities that have not yet adopted the amendments in ASU 2016-13, the amendments are effective for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years-all other entities. Early adoption is permitted in any interim period as long as an entity has adopted the amendments in ASU 2016-13. The Company is evaluating the impact that this will have on its financial statements. In December 2019, the FASB issued guidance to simplify accounting for income taxes by removing specific technical exceptions that often produce information investors have a hard time understanding. The amendments also improve consistent application of and simply GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments became effective for the Company for interim and annual periods beginning after December 15, 2020 and did not have a material impact on the Company’s financial statements. In January 2020, the FASB issued guidance to address accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The amendments became effective for the Company for interim and annual periods beginning after December 15, 2020 and did not have a material impact on the Company’s financial statements. In March 2020, the FASB issued guidance that makes narrow-scope improvements to various aspects of the financial instrument guidance, including the CECL guidance issued in 2016. For public business entities, the amendments were effective upon issuance of the final ASU. For all other entities, the amendments were effective for fiscal years beginning after December 15, 2019, and are effective for interim periods within those fiscal years beginning after December 15, 2020. The effective date of the amendments to ASU 2016-01 were effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For the amendments related to ASU 2016-13, public business entities that meet the definition of an SEC filer, excluding eligible smaller reporting companies (as defined by the SEC), should adopt the amendments in ASU 2016-13 during 2020. All other entities should adopt the amendments in ASU 2016-13 during 2023. Early adoption is permitted. For entities that have not yet adopted the guidance in ASU 2016-13, the effective dates and the transition requirements for these amendments are the same as the effective date and transition requirements in ASU 2016-13. For entities that have adopted the guidance in ASU 2016-13, the amendments were effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For those entities, the amendments should be applied on a modified-retrospective basis by means of a cumulative-effect adjustment to opening retained earnings in the statement of financial position as of the date that an entity adopted the amendments in ASU 2016-13. During 2021, the Company established a CECL Team to begin the process of implementing CECL. The Company selected Valuant’s ValuCast as its CECL solution. In conjunction with Valuant, the Company developed a detailed roadmap and implementation plan; collected and validated data; and selected loss methodologies. Currently, the Company and Valuant are working on the reasonable and supportable forecast and qualitative factors. The Company plans to perform mock runs during 2022. Dixon Hughes Goodman, LLP has been engaged to perform model validation services prior to implementation. The implementation of CECL may have a material effect on the Company’s financial statements. In March 2020, the FASB issued guidance to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. The amendments are effective through December 31, 2022. The Company does not expect these amendments to have a material effect on its financial statements. In August 2020, the FASB issued guidance to improve financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. The amendments will be effective the Company for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. The Company does not expect these amendments to have a material effect on its financial statements. In October 2020, the FASB issued guidance to clarify the FASB’s intent that an entity should reevaluate whether a callable debt security that has multiple call dates is within the scope of FASB Accounting Standards Codification (FASB ASC) 310-20-35-33 for each reporting period. The amendments became effective for the Company for interim and annual periods beginning after December 15, 2020 and did not have a material impact on the Company’s financial statements. In October 2020, the FASB issued amendments to clarify the Accounting Standards Codification and make minor improvements that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments became effective for the Company for annual periods beginning after December 15, 2020 and did not have a material impact on the Company’s financial statements. In October 2021, the FASB amended the Business Combinations topic in the Accounting Standard Codification to require entities to apply guidance in the Revenue topic to recognize and measure contract assets and contract liabilities acquired in a business combination. The amendments are effective for the fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments are applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the amendments is permitted, including adoption in an interim period. The Company does not expect these amendments to have a material effect on its financial statements. In November 2021, the FASB added a topic to the Accounting Standards Codification, Government Assistance, to require certain annual disclosures about transactions with a government that are accounted for by applying grant or contribution accounting model by analogy to other accounting guidance. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2021. The Company does not expect these amendments to have a material effect on its financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
General Risk and Uncertainties | General Risk and Uncertainties In the normal course of business, the Company encounters two significant types of risks: economic and regulatory. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk to the degree that its interest-bearing liabilities mature or reprice at different speeds, or on a different basis, than its interest-earning assets. Credit risk is the risk of default on the Company’s loan and investment portfolios that results from borrowers’ or issuer’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of collateral underlying loans and investments and the valuation of real estate held by the Company. The Company is subject to regulations of various governmental agencies (regulatory risk). These regulations can and do change significantly from period to period. The Company also undergoes periodic examinations by the regulatory agencies, which may subject it to further changes with respect to asset valuations, amounts of required loan loss allowances and operating restrictions from regulators’ judgments based on information available to them at the time of their examination. |
Reclassifications | Reclassifications Certain captions and amounts in the 2019 and 2020 consolidated financial statements were reclassified to conform to the 2021 presentation. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
The amortized cost and estimated fair values of investment securities | The amortized cost and estimated fair values of investment securities AVAILABLE-FOR-SALE: |
INVESTMENT SECURITIES | (Dollars in thousands) Amortized Gross Gross Fair Value December 31, 2021 US Treasury securities $ 15,736 $ — $ 300 $ 15,436 Government Sponsored Enterprises 2,499 2 — 2,501 Mortgage-backed securities 398,125 3,596 3,992 397,729 Small Business Administration pools 30,835 505 67 31,273 State and local government 105,469 4,918 539 109,848 Corporate and other securities 8,024 157 129 8,052 Total $ 560,688 $ 9,178 $ 5,027 $ 564,839 (Dollars in thousands) Amortized Gross Gross Fair Value December 31, 2020 US Treasury securities $ 1,501 $ 1 $ — $ 1,502 Government Sponsored Enterprises 996 10 — 1,006 Mortgage-backed securities 222,739 7,375 185 229,929 Small Business Administration pools 34,577 928 7 35,498 State and local government 82,495 6,184 76 88,603 Corporate and other securities 3,272 56 — 3,328 Total $ 345,580 $ 14,554 $ 268 $ 359,866 |
The amortized cost and fair value of investment securities | The amortized cost and fair value of investment securities |
INVESTMENT SECURITIES (Details 2) | (Dollars in thousands) Available-for-sale Amortized Fair Due in one year or less $ 20,036 $ 20,176 Due after one year through five years 175,313 177,320 Due after five years through ten years 237,914 241,008 Due after ten years 127,425 126,335 $ 560,688 $ 564,839 |
The following tables show gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position | The following tables show gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position |
INVESTMENT SECURITIES (Details 3) | Less than 12 months 12 months or more Total December 31, 2021 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: US Treasury $ 14,479 $ 264 $ 958 $ 36 $ 15,437 $ 300 Mortgage-Backed Securities 200,238 3,156 48,570 836 248,808 3,992 Small Business Administration pools 7,232 67 — — 7,232 67 State and local government 21,261 539 — — 21,261 539 Corporate and Other Securities 3,621 129 — — 3,621 129 Total $ 246,831 $ 4,155 $ 49,528 $ 872 $ 296,359 $ 5,027 Less than 12 months 12 months or more Total December 31, 2020 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: US Treasury $ — $ — $ — $ — $ — $ — Mortgage-backed securities 21,298 152 1,414 33 22,712 185 Small Business Administration pools — — 1,323 7 1,323 7 State and local government 4,930 76 — — 4,930 76 Total $ 26,228 $ 228 $ 2,737 $ 40 $ 28,965 $ 268 |
LOANS (Tables)
LOANS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Loan Portfolio | The following table summarizes the composition of our loan portfolio. Total loans are recorded net of deferred loan fees and costs, which totaled $1.4 million and $2.2 million as of December 31, 2021 and December 31, 2020, respectively. Schedule of Loan Portfolio |
LOANS | December 31, (Dollars in thousands) 2021 2020 Commercial, financial and agricultural $ 69,952 $ 96,688 Real estate: Construction 94,969 95,282 Mortgage-residential 45,498 43,928 Mortgage-commercial 617,464 573,258 Consumer: Home equity 27,116 26,442 Other 8,703 8,559 Total $ 863,702 $ 844,157 |
Activity in the allowance for loan losses | Activity in the allowance for loan losses |
LOANS (Details 2) | Years ended December 31, (Dollars in thousands) 2021 2020 2019 Balance at the beginning of year $ 10,389 $ 6,627 $ 6,263 Provision for loan losses 335 3,663 139 Charged off loans (182 ) (110 ) (145 ) Recoveries 637 209 370 Balance at end of year $ 11,179 $ 10,389 $ 6,627 |
Schedule of activity in the allowance for loan losses and the recorded investment in loans receivable | The detailed activity in the allowance for loan losses and the recorded investment in loans receivable as of and for the years ended December 31, 2021, December 31, 2020 and December 31, 2019 follows: Schedule of activity in the allowance for loan losses and the recorded investment in loans receivable (Dollars in thousands) Commercial Real estate Real estate Real estate Consumer Consumer Unallocated Total 2021 Allowance for loan losses: Beginning balance $ 778 $ 145 $ 541 $ 7,855 $ 324 $ 125 $ 621 $ 10,389 Charge-offs — — — (110 ) — (72 ) — (182 ) Recoveries 39 — 10 473 69 46 — 637 Provisions 36 (32 ) 9 352 (60 ) 27 3 335 Ending balance $ 853 $ 113 $ 560 $ 8,570 $ 333 $ 126 $ 624 $ 11,179 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 1 $ — $ — $ — $ — Collectively evaluated for impairment 853 113 560 8,569 333 126 624 11,179 Loans receivable: Ending balance-total $ 69,952 $ 94,969 $ 45,498 $ 617,464 $ 27,116 $ 8,703 $ — $ 863,702 Ending balances: Individually evaluated for impairment — — 133 1,561 — — — 1,694 Collectively evaluated for impairment 69,952 94,969 45,365 615,903 27,116 8,703 — 862,008 (Dollars in thousands) Commercial Real estate Real estate Real estate Consumer Consumer Unallocated Total 2020 Allowance for loan losses: Beginning balance $ 427 $ 111 $ 367 $ 4,602 $ 240 $ 97 $ 783 $ 6,627 Charge-offs — (2 ) — (1 ) — (107 ) — (110 ) Recoveries 130 2 — 23 2 52 — 209 Provisions 221 34 174 3,231 82 83 (162 ) 3,663 Ending balance $ 778 $ 145 $ 541 $ 7,855 $ 324 $ 125 $ 621 $ 10,389 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 2 $ — $ — $ — $ 2 Collectively evaluated for impairment 778 145 541 7,853 324 125 621 10,387 Loans receivable: Ending balance-total $ 96,688 $ 95,282 $ 43,928 $ 573,258 $ 26,442 $ 8,559 $ — $ 844,157 Ending balances: Individually evaluated for impairment — — 440 5,631 42 — — 6,113 Collectively evaluated for impairment 96,688 95,282 43,488 567,627 26,400 8,559 — 838,044 (Dollars in thousands) Commercial Real estate Real estate Real estate Consumer Consumer Unallocated Total 2019 Allowance for loan losses: Beginning balance $ 430 $ 89 $ 431 $ 4,318 $ 261 $ 88 $ 646 $ 6,263 Charge-offs (12 ) — (12 ) — (1 ) (120 ) — (145 ) Recoveries 3 — — 307 15 45 — 370 Provisions 6 22 (52 ) (23 ) (35 ) 84 137 139 Ending balance $ 427 $ 111 $ 367 $ 4,602 $ 240 $ 97 $ 783 $ 6,627 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 6 $ — $ — $ — $ 6 Collectively evaluated for impairment 427 111 367 4,596 240 97 783 6,621 Loans receivable: Ending balance-total $ 51,805 $ 73,512 $ 45,357 $ 527,447 $ 28,891 $ 10,016 $ — $ 737,028 Ending balances: Individually evaluated for impairment 400 — 392 3,135 70 — — 3,997 Collectively evaluated for impairment 51,405 73,512 44,965 524,312 28,821 10,016 — 733,031 |
[custom:DisclosureLoansDetails3Abstract] | (Dollars in thousands) Commercial Real estate Real estate Real estate Consumer Consumer Unallocated Total 2021 Allowance for loan losses: Beginning balance $ 778 $ 145 $ 541 $ 7,855 $ 324 $ 125 $ 621 $ 10,389 Charge-offs — — — (110 ) — (72 ) — (182 ) Recoveries 39 — 10 473 69 46 — 637 Provisions 36 (32 ) 9 352 (60 ) 27 3 335 Ending balance $ 853 $ 113 $ 560 $ 8,570 $ 333 $ 126 $ 624 $ 11,179 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 1 $ — $ — $ — $ — Collectively evaluated for impairment 853 113 560 8,569 333 126 624 11,179 Loans receivable: Ending balance-total $ 69,952 $ 94,969 $ 45,498 $ 617,464 $ 27,116 $ 8,703 $ — $ 863,702 Ending balances: Individually evaluated for impairment — — 133 1,561 — — — 1,694 Collectively evaluated for impairment 69,952 94,969 45,365 615,903 27,116 8,703 — 862,008 (Dollars in thousands) Commercial Real estate Real estate Real estate Consumer Consumer Unallocated Total 2020 Allowance for loan losses: Beginning balance $ 427 $ 111 $ 367 $ 4,602 $ 240 $ 97 $ 783 $ 6,627 Charge-offs — (2 ) — (1 ) — (107 ) — (110 ) Recoveries 130 2 — 23 2 52 — 209 Provisions 221 34 174 3,231 82 83 (162 ) 3,663 Ending balance $ 778 $ 145 $ 541 $ 7,855 $ 324 $ 125 $ 621 $ 10,389 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 2 $ — $ — $ — $ 2 Collectively evaluated for impairment 778 145 541 7,853 324 125 621 10,387 Loans receivable: Ending balance-total $ 96,688 $ 95,282 $ 43,928 $ 573,258 $ 26,442 $ 8,559 $ — $ 844,157 Ending balances: Individually evaluated for impairment — — 440 5,631 42 — — 6,113 Collectively evaluated for impairment 96,688 95,282 43,488 567,627 26,400 8,559 — 838,044 (Dollars in thousands) Commercial Real estate Real estate Real estate Consumer Consumer Unallocated Total 2019 Allowance for loan losses: Beginning balance $ 430 $ 89 $ 431 $ 4,318 $ 261 $ 88 $ 646 $ 6,263 Charge-offs (12 ) — (12 ) — (1 ) (120 ) — (145 ) Recoveries 3 — — 307 15 45 — 370 Provisions 6 22 (52 ) (23 ) (35 ) 84 137 139 Ending balance $ 427 $ 111 $ 367 $ 4,602 $ 240 $ 97 $ 783 $ 6,627 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 6 $ — $ — $ — $ 6 Collectively evaluated for impairment 427 111 367 4,596 240 97 783 6,621 Loans receivable: Ending balance-total $ 51,805 $ 73,512 $ 45,357 $ 527,447 $ 28,891 $ 10,016 $ — $ 737,028 Ending balances: Individually evaluated for impairment 400 — 392 3,135 70 — — 3,997 Collectively evaluated for impairment 51,405 73,512 44,965 524,312 28,821 10,016 — 733,031 |
Schedule of loan category and loans individually evaluated and considered impaired | The following tables are by loan category Schedule of loan category and loans individually evaluated and considered impaired |
LOANS (Details 4) | (Dollars in thousands) December 31, 2021 Recorded Unpaid Related Average Interest With no allowance recorded: Commercial $ — $ — $ — $ — $ — Real estate: Construction — — — — — Mortgage-residential 133 151 — 131 6 Mortgage-commercial 1,521 3,514 — 1,748 223 Consumer: Home Equity — — — — — Other — — — — — With an allowance recorded: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential — — — — — Mortgage-commercial 40 40 1 39 5 Consumer: Home Equity — — — — — Other — — — — — Total: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential 133 151 — 131 6 Mortgage-commercial 1,561 3,554 1 1,787 228 Consumer: Home Equity — — — — — Other — — — — — $ 1,694 $ 3,705 $ 1 $ 1,918 $ 234 |
Schedule of loan category and loan by risk categories | Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be “Pass” rated loans. As of December 31, 2021 and December 31, 2020, and based on the most recent analysis performed, the risk category of loans by class of loans Schedule of loan category and loan by risk categories |
LOANS (Details 5) | (Dollars in thousands) December 31, 2021 Pass Special Substandard Doubtful Total Commercial, financial & agricultural $ 69,833 $ 119 $ — $ — $ 69,952 Real estate: — — — Construction 94,966 — 3 — 94,969 Mortgage – residential 45,049 305 144 — 45,498 Mortgage – commercial 610,001 1,009 6,454 — 617,464 Consumer: — — — Home Equity 25,751 171 1,194 — 27,116 Other 8,604 22 77 — 8,703 Total $ 854,204 $ 1,626 $ 7,872 $ — $ 863,702 (Dollars in thousands) Special December 31, 2020 Pass Mention Substandard Doubtful Total Commercial, financial & agricultural $ 96,507 $ 181 $ — $ — $ 96,688 Real estate: Construction 95,282 — — — 95,282 Mortgage – residential 43,240 190 498 — 43,928 Mortgage – commercial 559,982 7,270 6,006 — 573,258 Consumer: Home Equity 25,041 95 1,306 — 26,442 Other 8,538 21 — — 8,559 Total $ 828,590 $ 7,757 $ 7,810 $ — $ 844,157 |
Schedule of loan category and present loans past due and on non-accrual status | The following tables are by loan category and present loans past due and on non-accrual status as of December 31, 2021 and December 31, 2020: Schedule of loan category and present loans past due and on non-accrual status (Dollars in thousands) 30-59 60-89 Greater than Nonaccrual Total Past Current Total Commercial $ 125 $ 35 $ — $ 118 $ 278 $ 69,674 $ 69,952 Real estate: Construction — — — — — 94,969 94,969 Mortgage-residential 8 4 — 132 144 45,354 45,498 Mortgage-commercial — — — — — 617,464 617,464 Consumer: Home equity — 62 — — 62 27,054 27,116 Other — 1 — — 1 8,702 8,703 Total $ 133 $ 102 $ — $ 250 $ 485 $ 863,217 $ 863,702 (Dollars in thousands) 30-59 60-89 Greater than Nonaccrual Total Past Current Total Commercial $ 165 $ 27 $ — $ 4,080 $ 4,272 $ 92,416 $ 96,688 Real estate: Construction 424 — 1,260 — 1,684 93,598 95,282 Mortgage-residential 7 — — 440 447 43,481 43,928 Mortgage-commercial — — — — — 573,258 573,258 Consumer: Home equity — — — 42 42 26,400 26,442 Other 21 21 — — 42 8,517 8,559 Total $ 617 $ 48 $ 1,260 $ 4,562 $ 6,487 $ 837,670 $ 844,157 |
[custom:DisclosureLoansDetails6Abstract] | (Dollars in thousands) 30-59 60-89 Greater than Nonaccrual Total Past Current Total Commercial $ 125 $ 35 $ — $ 118 $ 278 $ 69,674 $ 69,952 Real estate: Construction — — — — — 94,969 94,969 Mortgage-residential 8 4 — 132 144 45,354 45,498 Mortgage-commercial — — — — — 617,464 617,464 Consumer: Home equity — 62 — — 62 27,054 27,116 Other — 1 — — 1 8,702 8,703 Total $ 133 $ 102 $ — $ 250 $ 485 $ 863,217 $ 863,702 (Dollars in thousands) 30-59 60-89 Greater than Nonaccrual Total Past Current Total Commercial $ 165 $ 27 $ — $ 4,080 $ 4,272 $ 92,416 $ 96,688 Real estate: Construction 424 — 1,260 — 1,684 93,598 95,282 Mortgage-residential 7 — — 440 447 43,481 43,928 Mortgage-commercial — — — — — 573,258 573,258 Consumer: Home equity — — — 42 42 26,400 26,442 Other 21 21 — — 42 8,517 8,559 Total $ 617 $ 48 $ 1,260 $ 4,562 $ 6,487 $ 837,670 $ 844,157 |
Schedule for changes in the accretable yield for PCI loans | A summary of changes in the accretable yield for PCI loans for the years ended December 31, 2021, 2020, and 2019 follows: Schedule for changes in the accretable yield for PCI loans |
LOANS (Details 7) | (Dollars in thousands) Year Year Year Accretable yield, beginning of period $ 93 $ 123 $ 153 Additions — — — Accretion (29 ) (30 ) (30 ) Reclassification of non-accretable difference due to improvement in expected cash flows — — — Other changes, net — — — Accretable yield, end of period $ 64 $ 93 $ 123 |
Schedule of Related Party Loans | Related party loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and generally do not involve more than the normal risk of collectability. The following table presents related party loan transactions for the years ended December 31, 2021 and December 31, 2020. Schedule of Related Party Loans |
LOANS (Details 8) | (Dollars in thousands) For the years ended 2021 2020 Balance, beginning of year $ 3,297 $ 4,108 New Loans 4 188 Less loan repayments 492 999 Balance, end of year $ 2,809 $ 3,297 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The carrying amount and estimated fair value by classification Level of the Company’s financial instruments as of December 31, 2021 and December 31, 2020 are as follows: Fair Value, by Balance Sheet Grouping |
FAIR VALUE MEASUREMENT | December 31, 2021 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 69,022 $ 69,022 $ 69,022 $ — $ — Available-for-sale securities 564,839 564,839 39,829 525,010 — Other investments, at cost 1,785 1,785 — — 1,785 Loans held for sale 7,120 7,120 — 7,120 — Net loans receivable 852,523 851,822 — — 851,822 Accrued interest 3,927 3,927 3,927 — — Financial liabilities: Non-interest bearing demand $ 444,688 $ 444,688 $ — $ 444,688 $ — Interest bearing demand deposits and money market accounts 619,057 619,057 — 619,057 — Savings 143,765 143,765 — 143,765 — Time deposits 153,781 154,030 — 154,030 — Total deposits 1,361,291 1,361,540 — 1,361,540 — Federal Home Loan Bank Advances — — — — — Short term borrowings 54,216 54,216 — 54,216 — Junior subordinated debentures 14,964 15,015 — 15,015 — Accrued interest payable 404 404 404 — — December 31, 2020 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 64,992 $ 64,992 $ 64,992 $ — $ — Available-for-sale securities 359,866 359,866 20,564 339,302 — Other investments, at cost 2,053 2,053 — — 2,053 Loans held for sale 45,020 45,020 — 45,020 — Net loans receivable 833,768 829,685 — — 829,685 Accrued interest 4,167 4,167 4,167 — — Financial liabilities: Non-interest bearing demand $ 385,511 $ 385,511 $ — $ 385,511 $ — NOW and money market accounts 520,205 520,205 — 520,205 — Savings 123,032 123,032 — 123,032 — Time deposits 160,665 161,505 — 161,505 — Total deposits 1,189,413 1,190,253 — 1,190,253 — Federal Home Loan Bank Advances — — — — — Short term borrowings 40,914 40,914 — 40,914 — Junior subordinated debentures 14,964 11,748 — 11,748 — Accrued interest payable 667 667 667 — — |
Fair Value, Assets Measured on Recurring Basis | The following table summarizes quantitative disclosures about the fair value for each category of assets carried at fair value as of December 31, 2021 and December 31, 2020 that are measured on a recurring basis. There were no liabilities carried at fair value as of December 31, 2021 or December 31, 2020 that are measured on a recurring basis. Fair Value, Assets Measured on Recurring Basis (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Available- for-sale securities US Treasury Securities $ 15,436 $ — $ 15,436 $ — Government Sponsored Enterprises 2,501 — 2,501 — Mortgage-backed securities 397,729 25,934 371,796 — Small Business Administration pools 31,273 — 31,273 — State and local government 109,848 12,896 96,952 — Corporate and other securities 8,052 1,000 7,052 — Total Available-for-sale securities 564,839 39,830 525,010 — Loans held for sale 7,120 — 7,120 — Total $ 571,959 $ 39,830 $ 532,130 $ — (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Available-for-sale securities US treasury securities $ 1,502 $ — $ 1,502 $ — Government sponsored enterprises 1,006 — 1,006 — Mortgage-backed securities 229,929 17,029 212,900 — Small Business Administration securities 35,498 — 35,498 — State and local government 88,603 3,535 85,068 — Corporate and other securities 3,328 — 3,328 — Total Available-for-sale securities 359,866 20,564 339,302 — Loans held-for-sale 45,020 — 45,020 — Total $ 404,886 $ 20,564 $ 384,322 $ — |
[custom:DisclosureFairValueOfFinancialInstrumentsDetails2Abstract] | Description December 31, (Level 1) (Level 2) (Level 3) Available- for-sale securities US Treasury Securities $ 15,436 $ — $ 15,436 $ — Government Sponsored Enterprises 2,501 — 2,501 — Mortgage-backed securities 397,729 25,934 371,796 — Small Business Administration pools 31,273 — 31,273 — State and local government 109,848 12,896 96,952 — Corporate and other securities 8,052 1,000 7,052 — Total Available-for-sale securities 564,839 39,830 525,010 — Loans held for sale 7,120 — 7,120 — Total $ 571,959 $ 39,830 $ 532,130 $ — (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Available-for-sale securities US treasury securities $ 1,502 $ — $ 1,502 $ — Government sponsored enterprises 1,006 — 1,006 — Mortgage-backed securities 229,929 17,029 212,900 — Small Business Administration securities 35,498 — 35,498 — State and local government 88,603 3,535 85,068 — Corporate and other securities 3,328 — 3,328 — Total Available-for-sale securities 359,866 20,564 339,302 — Loans held-for-sale 45,020 — 45,020 — Total $ 404,886 $ 20,564 $ 384,322 $ — |
Fair Value, Assets Measured on Non-Recurring Basis | The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of December 31, 2021 and December 31, 2020 that are measured on a non-recurring basis. There were no liabilities carried at fair value and measured on a non-recurring basis at December 31, 2021 and 2020. Fair Value, Assets Measured on Non-Recurring Basis (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Impaired loans: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential 133 — — 133 Mortgage-commercial 1,560 — — 1,560 Consumer: Home equity — — — — Other — — — — Total impaired 1,693 — — 1,694 Other real estate owned: Construction 624 — — 624 Mortgage-commercial 541 — — 541 Total other real estate owned 1,165 — — 1,165 Total $ 2,859 $ — $ — $ 2,859 (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Impaired loans: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential 440 — — 440 Mortgage-commercial 5,629 — — 5,629 Consumer: Home equity 42 — — 42 Other — — — — Total impaired 6,111 — — 6,111 Other real estate owned: Construction 600 — — 600 Mortgage-commercial 594 — — 594 Total other real estate owned 1,194 — — 1,194 Total $ 7,305 $ — $ — $ 7,305 |
[custom:DisclosureFairValueOfFinancialInstrumentsDetails3Abstract] | (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Impaired loans: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential 133 — — 133 Mortgage-commercial 1,560 — — 1,560 Consumer: Home equity — — — — Other — — — — Total impaired 1,693 — — 1,694 Other real estate owned: Construction 624 — — 624 Mortgage-commercial 541 — — 541 Total other real estate owned 1,165 — — 1,165 Total $ 2,859 $ — $ — $ 2,859 (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Impaired loans: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential 440 — — 440 Mortgage-commercial 5,629 — — 5,629 Consumer: Home equity 42 — — 42 Other — — — — Total impaired 6,111 — — 6,111 Other real estate owned: Construction 600 — — 600 Mortgage-commercial 594 — — 594 Total other real estate owned 1,194 — — 1,194 Total $ 7,305 $ — $ — $ 7,305 |
Fair Value Measurement Inputs and Valuation Techniques | For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2021 and December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows: Fair Value Measurement Inputs and Valuation Techniques |
FAIR VALUE MEASUREMENT (Details 4) | (Dollars in thousands) Fair Value as Valuation Technique Significant Significant OREO $ 1,165 Appraisal Value/Comparison Appraisals and or sales of comparable properties Appraisals discounted 6% 16% Impaired loans $ 1,694 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% 16% (Dollars in thousands) Fair Value as Valuation Technique Significant Significant OREO $ 1,194 Appraisal Value/Comparison Appraisals and or sales of comparable properties Appraisals discounted 6% 16% Impaired loans $ 6,111 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% 16% |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment consisted of the following: | Property and equipment consisted of the following: |
PROPERTY AND EQUIPMENT | December 31, (Dollars in thousands) 2021 2020 Land $ 10,454 $ 11,166 Premises 29,415 29,342 Equipment 6,855 7,050 Fixed assets in progress (4 ) 62 Property and equipment, gross 46,720 47,620 Accumulated depreciation 13,889 13,162 Property and Equipment Net $ 32,831 $ 34,458 |
GOODWILL, CORE DEPOSIT INTANG_2
GOODWILL, CORE DEPOSIT INTANGIBLE AND OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets (excluding goodwill) | Intangible assets (excluding goodwill) |
GOODWILL, CORE DEPOSIT INTANGIBLE AND OTHER ASSETS | December 31, (Dollars in thousands) 2021 2020 2019 Core deposit premiums, gross carrying amount $ 3,358 $ 3,358 $ 3,358 Other intangibles 538 538 538 Gross carrying amount 3,896 3,896 3,896 Accumulated amortization (2,977 ) (2,776 ) (2,413 ) Net $ 919 $ 1,120 $ 1,483 |
following table presents the aggregate amortization expense for each of the succeeding years | Based on the core deposit and other intangibles as of December 31, 2021, the following table presents the aggregate amortization expense for each of the succeeding years |
GOODWILL, CORE DEPOSIT INTANGIBLE AND OTHER ASSETS (Details 2) | (Dollars in thousands) Amount 2022 $ 158 2023 157 2024 158 2025 157 2026 and thereafter 289 Total $ 919 |
OTHER REAL ESTATE OWNED (Tables
OTHER REAL ESTATE OWNED (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
following summarizes the activity in the other real estate owned | The following summarizes the activity in the other real estate owned |
OTHER REAL ESTATE OWNED | December 31, (In thousands) 2021 2020 Balance—beginning of year $ 1,194 $ 1,410 Additions—foreclosures 145 114 Write-downs (50 ) (128 ) Sales (124 ) (202 ) Balance, end of year $ 1,165 $ 1,194 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Company’s total deposits | The Company’s total deposits |
DEPOSITS | December 31, December 31, (Dollars in thousands) 2021 2020 Non-interest bearing deposits $ 444,688 $ 385,511 Interest bearing demand deposits and money market accounts 619,057 520,205 Savings 143,765 123,032 Time deposits 153,781 160,665 Total deposits $ 1,361,291 $ 1,189,413 |
scheduled maturities of time deposits | At December 31, 2021, the scheduled maturities of time deposits |
DEPOSITS (Details 2) | (Dollars in thousands) 2022 $ 117,612 2023 19,950 2024 8,409 2025 3,673 2026 4,037 2027 100 Time Deposits $ 153,781 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | |
LEASES | (Dollars in thousands) 2022 $ 303 2023 309 2024 282 2025 222 2026 226 Thereafter 2,751 Total undiscounted lease payments $ 4,093 Less effect of discounting (1,143 ) Present value of estimated lease payments (lease liability) 2,950 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income tax expense | Income tax expense |
INCOME TAXES | Year ended December 31 (Dollars in thousands) 2021 2020 2019 Current Federal $ 3,653 $ 2,724 $ 2,299 State 749 523 541 4,402 3,247 2,840 Deferred Federal (167 ) (751 ) 18 State (53 ) (34 ) — (220 ) (785 ) 18 Income tax expense $ 4,182 $ 2,496 $ 2,858 |
Reconciliation from expected federal tax expense to effective income tax expense | Reconciliation from expected federal tax expense to effective income tax expense |
INCOME TAXES (Details 2) | Year ended December 31 (Dollars in thousands) 2021 2020 2019 Expected federal income tax expense $ 4,126 $ 2,645 $ 2,904 State income tax net of federal benefit 550 386 427 Tax exempt interest (396 ) (316 ) (293 ) Increase in cash surrender value life insurance (146 ) (153 ) (144 ) Valuation allowance 32 32 52 Life Insurance Proceeds — (65 ) — Excess tax benefit of stock compensation (11 ) (1 ) (56 ) Other 27 (32 ) (32 ) Income tax expense $ 4,182 $ 2,496 $ 2,858 |
summary of the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities: | The following is a summary of the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities: |
INCOME TAXES (Details 3) | December 31, (Dollars in thousands) 2021 2020 Assets: Allowance for loan losses $ 2,415 $ 2,235 Excess tax basis of deductible intangible assets 98 130 Excess tax basis of assets acquired 28 57 Net operating loss carry forward 792 757 Compensation expense deferred for tax purposes 1,221 1,125 Deferred loss on other-than-temporary-impairment charges 5 5 FASB 91 - Origination Income & Costs 296 253 Tax credit carry-forwards 33 33 Other Real Estate Owned 230 229 Other 183 163 Total deferred tax asset 5,301 4,987 Valuation reserve 889 857 Total deferred tax asset net of valuation reserve 4,412 4,130 Liabilities: Tax depreciation in excess of book depreciation 612 514 Excess financial reporting basis of assets acquired 969 1,005 Unrealized gain on available-for-sale securities 1,021 3,149 Total deferred tax liabilities 2,602 4,668 Net deferred tax asset / (liability) recognized $ 1,810 $ (538 ) |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition | |
Schedule of Principal Transactions Revenue [Table Text Block] | |
REVENUE RECOGNITION | (Dollars in thousands) December 31, December 31, Non-Interest Income 2021 2020 Deposit service charges $ 977 $ 1,121 Mortgage banking income (1) 4,319 5,557 Investment advisory fees and non-deposit commissions (1) 3,995 2,720 Gain (loss) on sale of securities (1) — 99 Gain on sale of other real estate owned 77 147 Gain (loss) on sale of other assets 117 — Non-recurring BOLI income 171 311 Other (2) 4,248 3,814 Total non-interest income 13,904 13,769 |
OTHER EXPENSES (Tables)
OTHER EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
summary of the components of other non-interest expense | A summary of the components of other non-interest expense |
OTHER EXPENSES | Year ended December 31, (Dollars in thousands) 2021 2020 2019 ATM/debit card, bill payment and data processing $ 3,823 $ 3,123 $ 2,834 Supplies 116 138 151 Telephone 365 350 413 Courier 181 176 152 Correspondent services 280 272 248 Insurance 325 316 263 Postage 50 36 47 Loss on limited partnership interest — — 88 Director fees 360 336 348 Legal and Professional fees 878 1,058 959 Shareholder expense 212 192 171 Other 1,777 1,554 1,718 Total $ 8,367 $ 7,551 $ 7,392 |
STOCK OPTIONS, RESTRICTED STO_2
STOCK OPTIONS, RESTRICTED STOCK, AND DEFERRED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
common shares of restricted stock granted to each non-employee director in connection with their overall compensation plan | The table below summarizes the common shares of restricted stock granted to each non-employee director in connection with their overall compensation plan |
STOCK OPTIONS, RESTRICTED STOCK, AND DEFERRED COMPENSATION | Restricted shares granted Year Total per Director Value Date shares 2021 7,959 796 $ 17.59 1/1/22 2020 2,662 242 $ 20.64 1/1/21 2019 2,976 248 $ 20.18 1/1/20 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earning Per Common Share | The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation: Schedule of Earning Per Common Share |
EARNINGS PER COMMON SHARE | Year ended December 31, (Amounts in thousands) 2021 2020 2019 Numerator (Included in basic and diluted earnings per share) $ 15,465 $ 10,099 $ 10,971 Denominator Weighted average common shares outstanding for: Basic earnings per common share 7,491 7,446 7,510 Dilutive securities: Deferred compensation 58 36 58 Warrants—Treasury stock method — — 20 Diluted common shares outstanding 7,549 7,482 7,588 Basic earnings per common share $ 2.06 $ 1.36 $ 1.46 Diluted earnings per common share $ 2.05 $ 1.35 $ 1.45 The average market price used in calculating assumed number of shares $ 19.68 $ 15.89 $ 19.32 |
SHAREHOLDERS_ EQUITY, CAPITAL_2
SHAREHOLDERS’ EQUITY, CAPITAL REQUIREMENTS AND DIVIDEND RESTRICTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of actual capital amounts and ratios as well as minimum amounts for each regulatory defined category for the bank and the company | The Bank exceeded the minimum regulatory capital ratios at December 31, 2021 and 2020, as set forth in the following table: Schedule of actual capital amounts and ratios as well as minimum amounts for each regulatory defined category for the bank and the company |
SHAREHOLDERS' EQUITY, CAPITAL REQUIREMENTS AND DIVIDEND RESTRICTIONS | (In thousands) Minimum % Actual % Excess % The Bank (1)(2) December 31, 2021 Risk Based Capital Tier 1 $ 57,075 6.0 % $ 132,918 14.0 % $ 75,843 8.0 % Total Capital $ 76,101 8.0 % $ 144,097 15.2 % $ 67,996 7.1 % CET1 $ 42,807 4.5 % $ 132,918 14.0 % $ 90,111 9.5 % Tier 1 Leverage $ 62,897 4.0 % $ 132,918 8.5 % $ 70,021 4.5 % December 31, 2020 Risk Based Capital Tier 1 $ 56,288 6.0 % $ 120,385 12.8 % $ 64,097 6.8 % Total Capital $ 75,051 8.0 % $ 130,774 13.9 % $ 55,723 5.9 % CET1 $ 42,216 4.5 % $ 120,385 12.8 % $ 78,169 8.3 % Tier 1 Leverage $ 54,492 4.0 % $ 120,385 8.8 % $ 65,893 4.8 % |
PARENT COMPANY FINANCIAL INFO_2
PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets |
PARENT COMPANY FINANCIAL INFORMATION | At December 31, (Dollars in thousands) 2021 2020 Assets: Cash on deposit $ 3,335 $ 3,357 Interest bearing deposits — — Securities purchased under agreement to resell — — Investment in bank subsidiary 151,519 147,140 Other 1,353 1,046 Total assets $ 156,207 $ 151,543 Liabilities: Junior subordinated debentures $ 14,964 $ 14,964 Other 245 242 Total liabilities 15,209 15,206 Shareholders’ equity 140,998 136,337 Total liabilities and shareholders’ equity $ 156,207 $ 151,543 |
Condensed Statements of Operations | Condensed Statements of Operations |
PARENT COMPANY FINANCIAL INFORMATION (Details 2) | Year ended December 31, (Dollars in thousands) 2021 2020 2019 Income: Interest and dividend income $ 13 $ 17 $ 24 Equity in undistributed earnings of subsidiary 12,386 6,759 4,776 Dividend income from bank subsidiary 4,019 4,158 7,057 Total income 16,418 10,934 11,857 Expenses: Interest expense 416 536 760 Other 772 518 381 Total expense 1,188 1,055 1,141 Income before taxes 15,230 9,879 10,716 Income tax benefit (235 ) (219 ) (255 ) Net income $ 15,465 $ 10,099 $ 10,971 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows |
PARENT COMPANY FINANCIAL INFORMATION (Details 3) | Year ended December 31, (Dollars in thousands) 2021 2020 2019 Cash flows from operating activities: Net income $ 15,465 $ 10,099 $ 10,971 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed earnings of subsidiary (12,386 ) (6,759 ) (4,776 ) Other-net 145 42 322 Net cash provided by operating activities 3,224 3,382 6,517 Cash flows from investing activities: Purchase of investments at cost (87 ) — — Net cash provided by investing activities (87 ) — — Cash flows from financing activities: Dividends paid: common stock (3,593 ) (3,573 ) (3,306 ) Repurchase of common stock — — (5,636 ) Proceeds from issuance of common stock 46 4 — Dividend Reinvestment Plan 368 372 570 Issuance of restricted stock — — (75 ) Restricted shares surrendered (70 ) (15 ) (159 ) Deferred compensation shares 90 200 265 Net cash used in financing activities (3,159 ) (3,012 ) (8,341 ) Increase (decrease) in cash and cash equivalents (22 ) 370 (1,824 ) Cash and cash equivalents at beginning of year 3,357 2,987 4,811 Cash and cash equivalents at end of year $ 3,335 $ 3,357 $ 2,987 |
QUARTERLY FINANCIAL DATA (UNA_2
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Unaudited Quarterly Financial Data | The following provides quarterly financial data for 2021, 2020 and 2019 (dollars in thousands, except per share amounts). Schedule of Unaudited Quarterly Financial Data |
QUARTERLY FINANCIAL DATA (UNAUDITED) | 2021 Fourth Third Second First Interest income $ 11,656 $ 12,982 $ 11,664 $ 11,218 Net interest income 11,164 12,456 11,092 10,567 Provision for loan losses (59 ) 49 168 177 Gain on sale of securities — — — — Income before income taxes 4,971 6,066 4,464 4,146 Net income 3,919 4,748 3,543 3,255 Net income available to common shareholders 3,919 4,748 3,543 3,255 Net income per share, basic $ 0.52 $ 0.63 $ 0.47 $ 0.44 Net income per share, diluted $ 0.52 $ 0.63 $ 0.47 $ 0.43 2020 Fourth Third Second First Interest income $ 11,426 $ 10,976 $ 10,666 $ 10,710 Net interest income 10,687 10,176 9,743 9,417 Provision for loan losses 276 1,062 1,250 1,075 Gain on sale of securities — 99 — — Income before income taxes 4,364 3,250 2,749 2,232 Net income 3,436 2,652 2,217 1,794 Net income available to common shareholders 3,436 2,652 2,217 1,794 Net income per share, basic $ 0.46 $ 0.36 $ 0.30 $ 0.24 Net income per share, diluted $ 0.46 $ 0.35 $ 0.30 $ 0.24 2019 Fourth Third Second First Interest income $ 10,786 $ 10,864 $ 10,606 $ 10,374 Net interest income 9,360 9,353 9,116 9,020 Provision for loan losses — 25 9 105 Gain on sale of securities 1 — 164 (29 ) Income before income taxes 3,425 3,651 3,653 3,101 Net income 2,697 2,898 2,881 2,495 Net income available to common shareholders 2,698 2,898 2,881 2,495 Net income per share, basic $ 0.36 $ 0.39 $ 0.38 $ 0.33 Net income per share, diluted $ 0.36 $ 0.39 $ 0.37 $ 0.33 |
REPORTABLE SEGMENTS (Tables)
REPORTABLE SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Company’s Reportable Segment | The following tables present selected financial information for the Company’s reportable business segments for the years ended December 31, 2021, December 31, 2020 and December 31, 2019. Schedule of Company’s Reportable Segment |
REPORTABLE SEGMENTS | Year ended December 31, 2021 Commercial Mortgage Investment Corporate Eliminations Consolidated Dividend and Interest Income $ 46,499 $ 1,008 $ — $ 4,032 $ (4,019 ) $ 47,520 Interest expense 1,825 — — 416 — 2,241 Net interest income $ 44,674 $ 1,008 $ — $ 3,616 $ (4,019 ) $ 45,279 Provision for loan losses 335 — — — — 335 Noninterest income 5,590 4,319 3,995 — — 13,904 Noninterest expense 31,275 4,694 2,460 772 — 39,201 Net income before taxes $ 18,654 $ 633 $ 1,535 $ 2,844 $ (4,019 ) $ 19,647 Income tax expense (benefit) 4,417 — — (235 ) — 4,182 Net income $ 14,237 $ 633 $ 1,535 $ 3,079 $ (4,019 ) $ 15,465 Year ended December 31, 2020 Commercial Mortgage Investment Corporate Eliminations Consolidated Dividend and Interest Income $ 42,024 $ 1,737 $ — $ 4,175 $ (4,158 ) $ 43,778 Interest expense 3,219 — — 536 — 3,755 Net interest income $ 38,805 $ 1,737 $ — $ 3,639 $ (4,158 ) $ 40,023 Provision for loan losses 3,663 — — — — 3,663 Noninterest income 5,492 5,557 2,720 — — 13,769 Noninterest expense 30,111 4,993 1,912 518 — 37,534 Net income before taxes $ 10,523 $ 2,301 $ 808 $ 3,121 $ (4,158 ) $ 12,595 Income tax expense (benefit) 2,715 — — (219 ) — 2,496 Net income $ 7,808 $ 2,301 $ 808 $ 3,340 $ (4,158 ) $ 10,099 Year ended December 31, 2019 Commercial Mortgage Investment Corporate Eliminations Consolidated Dividend and Interest Income $ 41,545 $ 1,061 $ — $ 7,081 $ (7,057 ) $ 42,630 Interest expense 5,021 — — 760 — 5,781 Net interest income $ 36,524 $ 1,061 $ — $ 6,321 $ (7,057 ) $ 36,849 Provision for loan losses 139 — — — — 139 Noninterest income 5,160 4,555 2,021 — — 11,736 Noninterest expense 28,732 3,771 1,733 381 — 34,617 Net income before taxes $ 12,813 $ 1,845 $ 288 $ 5,940 $ (7,057 ) $ 13,829 Income tax expense (benefit) 3,114 — — (256 ) — 2,858 Net income $ 9,699 $ 1,845 $ 288 $ 6,196 $ (7,057 ) $ 10,971 (Dollars in thousands) Commercial Mortgage Investment Corporate Eliminations Consolidated Total Assets as of $ 1,566,949 $ 16,798 $ 2 $ 152,928 $ (152,169 ) $ 1,584,508 Total Assets as of $ 1,335,320 $ 59,372 $ 2 $ 140,256 $ (139,568 ) $ 1,395,382 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)Number | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Advertising Expense | $ | $ 1,200 | $ 1,000 | $ 1,100 |
Number of Segments | Number | 4 | ||
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 39 years | ||
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years |
INVESTMENT SECURITIES (Details)
INVESTMENT SECURITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 560,688 | $ 345,580 |
Available-for-sale Securities | 564,839 | 359,866 |
Available-for-sale Securities, Gross Unrealized Gain | 9,178 | 14,554 |
Available-for-sale Securities, Gross Unrealized Loss | 5,027 | 268 |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 15,736 | 1,501 |
Available-for-sale Securities | 15,436 | 1,502 |
Available-for-sale Securities, Gross Unrealized Gain | 1 | |
Available-for-sale Securities, Gross Unrealized Loss | 300 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 2,499 | 996 |
Available-for-sale Securities | 2,501 | 1,006 |
Available-for-sale Securities, Gross Unrealized Gain | 2 | 10 |
Available-for-sale Securities, Gross Unrealized Loss | 0 | 0 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 398,125 | 222,739 |
Available-for-sale Securities | 397,729 | 229,929 |
Available-for-sale Securities, Gross Unrealized Gain | 3,596 | 7,375 |
Available-for-sale Securities, Gross Unrealized Loss | 3,992 | 185 |
Small Business Administration pools [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 30,835 | 34,577 |
Available-for-sale Securities | 31,273 | 35,498 |
Available-for-sale Securities, Gross Unrealized Gain | 505 | 928 |
Available-for-sale Securities, Gross Unrealized Loss | 67 | 7 |
US States and Political Subdivisions Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 105,469 | 82,495 |
Available-for-sale Securities | 109,848 | 88,603 |
Available-for-sale Securities, Gross Unrealized Gain | 4,918 | 6,184 |
Available-for-sale Securities, Gross Unrealized Loss | 539 | 76 |
Corporate and other securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 8,024 | 3,272 |
Available-for-sale Securities | 8,052 | 3,328 |
Available-for-sale Securities, Gross Unrealized Gain | 157 | 56 |
Available-for-sale Securities, Gross Unrealized Loss | $ 129 | $ 0 |
INVESTMENT SECURITIES (Details
INVESTMENT SECURITIES (Details 2) $ in Thousands | Dec. 31, 2021USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $ 20,036 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 20,176 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 175,313 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 177,320 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | 237,914 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 241,008 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 127,425 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 126,335 |
Debt Securities, Available-for-sale, Amortized Cost | 560,688 |
Debt Securities, Available-for-sale | $ 564,839 |
INVESTMENT SECURITIES (Detail_2
INVESTMENT SECURITIES (Details 3) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 246,831 | $ 26,228 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4,155 | 228 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 49,528 | 2,737 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 872 | 40 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 296,359 | 28,965 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 5,027 | 268 |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 14,479 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 264 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 958 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 36 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 15,437 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 300 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 200,238 | 21,298 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3,156 | 152 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 48,570 | 1,414 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 836 | 33 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 248,808 | 22,712 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 3,992 | 185 |
Small Business Administration pools [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 7,232 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 67 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,323 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 7 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 7,232 | 1,323 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 67 | 7 |
US States and Political Subdivisions Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 21,261 | 4,930 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 539 | 76 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 21,261 | 4,930 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 539 | $ 76 |
Corporate and other securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3,621 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 129 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,621 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 129 |
INVESTMENT SECURITIES (Detail_3
INVESTMENT SECURITIES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-sale | $ 564,839,000 | |
Federal Home Loan Bank Stock | $ 1,100,000 | 698,400 |
Available-for-sale Securities, Gross Realized Gains | 99,100 | |
Security Owned and Pledged as Collateral, Amortized Cost | 155,000,000 | 128,500,000 |
Security Owned and Pledged as Collateral, Fair Value | 161,500,000 | 130,400,000 |
Corporate Fixed To Float Bonds [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-sale | 3,300,000 | 8,000,000 |
Mutual Funds [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-sale | 8,000 | 11,600 |
Debt Security, Corporate, Non-US [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-sale | 10,000 | 10,000 |
Corporate Bond Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-sale | 1,000,000 | 1,000,000 |
Venture Capital Fund [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-sale | 86,700 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Security Owned and Pledged as Collateral, Amortized Cost | 257,300,000 | 429,000,000 |
Security Owned and Pledged as Collateral, Fair Value | 265,400,000 | 429,000,000 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Security Owned and Pledged as Collateral, Amortized Cost | 57,400 | 48,200 |
Security Owned and Pledged as Collateral, Fair Value | $ 54,700 | $ 46,400 |
LOANS (Details)
LOANS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Total | $ 863,702 | $ 844,157 | $ 737,028 |
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 69,952 | 96,688 | 51,805 |
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 94,969 | 95,282 | 73,512 |
Residential Mortgage [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 45,498 | 43,928 | 45,357 |
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 617,464 | 573,258 | 527,447 |
Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 27,116 | 26,442 | 28,891 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | $ 8,703 | $ 8,559 | $ 10,016 |
LOANS (Details 2)
LOANS (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | |||||||||||||||
Balance at the beginning of year | $ 10,389 | $ 6,627 | $ 6,263 | $ 10,389 | $ 6,627 | $ 6,263 | |||||||||
Provision for loan losses | $ (59) | $ 49 | $ 168 | $ 177 | $ 276 | $ 1,062 | $ 1,250 | $ 1,075 | $ 25 | $ 9 | $ 105 | 335 | 3,663 | 139 | |
Charged off loans | (182) | (110) | (145) | ||||||||||||
Recoveries | 637 | 209 | 370 | ||||||||||||
Balance at end of year | $ 11,179 | $ 10,389 | $ 6,627 | $ 11,179 | $ 10,389 | $ 6,627 |
LOANS (Details 3)
LOANS (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Past Due [Line Items] | |||||||||||||||
Balance at the beginning of year | $ 10,389 | $ 6,627 | $ 6,263 | $ 10,389 | $ 6,627 | $ 6,263 | |||||||||
Charge-offs | (182) | (110) | (145) | ||||||||||||
Recoveries | 637 | 209 | 370 | ||||||||||||
Provisions | $ (59) | $ 49 | $ 168 | 177 | $ 276 | $ 1,062 | $ 1,250 | 1,075 | $ 25 | $ 9 | 105 | 335 | 3,663 | 139 | |
Balance at end of year | 11,179 | 10,389 | 6,627 | 11,179 | 10,389 | 6,627 | |||||||||
Individually evaluated for impairment | 2 | 6 | 2 | 6 | |||||||||||
Collectively evaluated for impairment | 11,179 | 10,387 | 6,621 | 11,179 | 10,387 | 6,621 | |||||||||
Ending balance-total | 863,702 | 844,157 | 737,028 | 863,702 | 844,157 | 737,028 | |||||||||
Individually evaluated for impairment | 1,694 | 6,113 | 3,997 | 1,694 | 6,113 | 3,997 | |||||||||
Collectively evaluated for impairment | 862,008 | 838,044 | 733,031 | 862,008 | 838,044 | 733,031 | |||||||||
Commercial, Financial And Agricultural Loan [Member] | |||||||||||||||
Financing Receivable, Past Due [Line Items] | |||||||||||||||
Balance at the beginning of year | 778 | 427 | 430 | 778 | 427 | 430 | |||||||||
Charge-offs | (12) | ||||||||||||||
Recoveries | 39 | 130 | 3 | ||||||||||||
Provisions | 36 | 221 | 6 | ||||||||||||
Balance at end of year | 853 | 778 | 427 | 853 | 778 | 427 | |||||||||
Individually evaluated for impairment | |||||||||||||||
Collectively evaluated for impairment | 853 | 778 | 427 | 853 | 778 | 427 | |||||||||
Ending balance-total | 69,952 | 96,688 | 51,805 | 69,952 | 96,688 | 51,805 | |||||||||
Individually evaluated for impairment | 400 | 400 | |||||||||||||
Collectively evaluated for impairment | 69,952 | 96,688 | 51,405 | 69,952 | 96,688 | 51,405 | |||||||||
Construction Loans [Member] | |||||||||||||||
Financing Receivable, Past Due [Line Items] | |||||||||||||||
Balance at the beginning of year | 145 | 111 | 89 | 145 | 111 | 89 | |||||||||
Charge-offs | (2) | ||||||||||||||
Recoveries | 2 | ||||||||||||||
Provisions | (32) | 34 | 22 | ||||||||||||
Balance at end of year | 113 | 145 | 111 | 113 | 145 | 111 | |||||||||
Individually evaluated for impairment | |||||||||||||||
Collectively evaluated for impairment | 113 | 145 | 111 | 113 | 145 | 111 | |||||||||
Ending balance-total | 94,969 | 95,282 | 73,512 | 94,969 | 95,282 | 73,512 | |||||||||
Individually evaluated for impairment | |||||||||||||||
Collectively evaluated for impairment | 94,969 | 95,282 | 73,512 | 94,969 | 95,282 | 73,512 | |||||||||
Residential Mortgage [Member] | |||||||||||||||
Financing Receivable, Past Due [Line Items] | |||||||||||||||
Balance at the beginning of year | 541 | 367 | 431 | 541 | 367 | 431 | |||||||||
Charge-offs | (12) | ||||||||||||||
Recoveries | 10 | ||||||||||||||
Provisions | 9 | 174 | (52) | ||||||||||||
Balance at end of year | 560 | 541 | 367 | 560 | 541 | 367 | |||||||||
Individually evaluated for impairment | |||||||||||||||
Collectively evaluated for impairment | 560 | 541 | 367 | 560 | 541 | 367 | |||||||||
Ending balance-total | 45,498 | 43,928 | 45,357 | 45,498 | 43,928 | 45,357 | |||||||||
Individually evaluated for impairment | 133 | 440 | 392 | 133 | 440 | 392 | |||||||||
Collectively evaluated for impairment | 45,365 | 43,488 | 44,965 | 45,365 | 43,488 | 44,965 | |||||||||
Commercial Real Estate [Member] | |||||||||||||||
Financing Receivable, Past Due [Line Items] | |||||||||||||||
Balance at the beginning of year | 7,855 | 4,602 | 4,318 | 7,855 | 4,602 | 4,318 | |||||||||
Charge-offs | (110) | (1) | |||||||||||||
Recoveries | 473 | 23 | 307 | ||||||||||||
Provisions | 352 | 3,231 | (23) | ||||||||||||
Balance at end of year | 8,570 | 7,855 | 4,602 | 8,570 | 7,855 | 4,602 | |||||||||
Individually evaluated for impairment | 1 | 2 | 6 | 1 | 2 | 6 | |||||||||
Collectively evaluated for impairment | 8,569 | 7,853 | 4,596 | 8,569 | 7,853 | 4,596 | |||||||||
Ending balance-total | 617,464 | 573,258 | 527,447 | 617,464 | 573,258 | 527,447 | |||||||||
Individually evaluated for impairment | 1,561 | 5,631 | 3,135 | 1,561 | 5,631 | 3,135 | |||||||||
Collectively evaluated for impairment | 615,903 | 567,627 | 524,312 | 615,903 | 567,627 | 524,312 | |||||||||
Home Equity Line of Credit [Member] | |||||||||||||||
Financing Receivable, Past Due [Line Items] | |||||||||||||||
Balance at the beginning of year | 324 | 240 | 261 | 324 | 240 | 261 | |||||||||
Charge-offs | (1) | ||||||||||||||
Recoveries | 69 | 2 | 15 | ||||||||||||
Provisions | (60) | 82 | (35) | ||||||||||||
Balance at end of year | 333 | 324 | 240 | 333 | 324 | 240 | |||||||||
Individually evaluated for impairment | |||||||||||||||
Collectively evaluated for impairment | 333 | 324 | 240 | 333 | 324 | 240 | |||||||||
Ending balance-total | 27,116 | 26,442 | 28,891 | 27,116 | 26,442 | 28,891 | |||||||||
Individually evaluated for impairment | 42 | 70 | 42 | 70 | |||||||||||
Collectively evaluated for impairment | 27,116 | 26,400 | 28,821 | 27,116 | 26,400 | 28,821 | |||||||||
Consumer Portfolio Segment [Member] | |||||||||||||||
Financing Receivable, Past Due [Line Items] | |||||||||||||||
Balance at the beginning of year | 125 | 97 | 88 | 125 | 97 | 88 | |||||||||
Charge-offs | (72) | (107) | (120) | ||||||||||||
Recoveries | 46 | 52 | 45 | ||||||||||||
Provisions | 27 | 83 | 84 | ||||||||||||
Balance at end of year | 126 | 125 | 97 | 126 | 125 | 97 | |||||||||
Individually evaluated for impairment | |||||||||||||||
Collectively evaluated for impairment | 126 | 125 | 97 | 126 | 125 | 97 | |||||||||
Ending balance-total | 8,703 | 8,559 | 10,016 | 8,703 | 8,559 | 10,016 | |||||||||
Individually evaluated for impairment | |||||||||||||||
Collectively evaluated for impairment | 8,703 | 8,559 | 10,016 | 8,703 | 8,559 | 10,016 | |||||||||
Unallocated Financing Receivables [Member] | |||||||||||||||
Financing Receivable, Past Due [Line Items] | |||||||||||||||
Balance at the beginning of year | $ 621 | $ 783 | $ 646 | 621 | 783 | 646 | |||||||||
Charge-offs | |||||||||||||||
Recoveries | |||||||||||||||
Provisions | 3 | (162) | 137 | ||||||||||||
Balance at end of year | 624 | 621 | 783 | 624 | 621 | 783 | |||||||||
Individually evaluated for impairment | |||||||||||||||
Collectively evaluated for impairment | 624 | 621 | 783 | 624 | 621 | 783 | |||||||||
Ending balance-total | |||||||||||||||
Individually evaluated for impairment | |||||||||||||||
Collectively evaluated for impairment |
LOANS (Details 4)
LOANS (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, Related Allowance | $ 1 | $ 2 | $ 6 |
Impaired Financing Receivable, Recorded Investment | 1,694 | 6,113 | 3,997 |
Impaired Financing Receivable, Unpaid Principal Balance | 3,705 | 8,649 | 6,728 |
Impaired Financing Receivable, Average Recorded Investment | 1,918 | 6,375 | 4,431 |
Impaired Financing Receivable, Interest Income, Accrual Method | 234 | 403 | 263 |
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 400 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 400 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 600 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 49 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, Recorded Investment | 400 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 400 | ||
Impaired Financing Receivable, Average Recorded Investment | 600 | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 49 | ||
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, Recorded Investment | |||
Impaired Financing Receivable, Unpaid Principal Balance | |||
Impaired Financing Receivable, Average Recorded Investment | |||
Impaired Financing Receivable, Interest Income, Accrual Method | |||
Residential Mortgage [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 133 | 440 | 392 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 151 | 499 | 460 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 131 | 440 | 439 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 6 | 1 | 19 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, Recorded Investment | 133 | 440 | 392 |
Impaired Financing Receivable, Unpaid Principal Balance | 151 | 499 | 460 |
Impaired Financing Receivable, Average Recorded Investment | 131 | 440 | 439 |
Impaired Financing Receivable, Interest Income, Accrual Method | 6 | 1 | 19 |
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,521 | 5,508 | 2,879 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 3,514 | 7,980 | 5,539 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,748 | 5,770 | 2,961 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 223 | 388 | 170 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 40 | 123 | 256 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 40 | 123 | 256 |
Impaired Financing Receivable, Related Allowance | 1 | 2 | 6 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 39 | 123 | 355 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 5 | 11 | 23 |
Impaired Financing Receivable, Recorded Investment | 1,561 | 5,631 | 3,135 |
Impaired Financing Receivable, Unpaid Principal Balance | 3,554 | 8,103 | 5,795 |
Impaired Financing Receivable, Average Recorded Investment | 1,787 | 5,893 | 3,316 |
Impaired Financing Receivable, Interest Income, Accrual Method | 228 | 399 | 193 |
Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 42 | 70 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 47 | 73 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 42 | 76 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 3 | 2 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, Recorded Investment | 42 | 70 | |
Impaired Financing Receivable, Unpaid Principal Balance | 47 | 73 | |
Impaired Financing Receivable, Average Recorded Investment | 42 | 76 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 3 | 2 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, Recorded Investment | |||
Impaired Financing Receivable, Unpaid Principal Balance | |||
Impaired Financing Receivable, Average Recorded Investment | |||
Impaired Financing Receivable, Interest Income, Accrual Method |
LOANS (Details 5)
LOANS (Details 5) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Total | $ 863,702 | $ 844,157 | $ 737,028 |
Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 854,204 | 828,590 | |
Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,626 | 7,757 | |
Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 7,872 | 7,810 | |
Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | |||
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 69,952 | 96,688 | 51,805 |
Commercial, Financial And Agricultural Loan [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 69,833 | 96,507 | |
Commercial, Financial And Agricultural Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 119 | 181 | |
Commercial, Financial And Agricultural Loan [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | |||
Commercial, Financial And Agricultural Loan [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | |||
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 94,969 | 95,282 | 73,512 |
Construction Loans [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 94,966 | 95,282 | |
Construction Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | |||
Construction Loans [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 3 | ||
Construction Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | |||
Residential Mortgage [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 45,498 | 43,928 | 45,357 |
Residential Mortgage [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 45,049 | 43,240 | |
Residential Mortgage [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 305 | 190 | |
Residential Mortgage [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 144 | 498 | |
Residential Mortgage [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | |||
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 617,464 | 573,258 | 527,447 |
Commercial Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 610,001 | 559,982 | |
Commercial Real Estate [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,009 | 7,270 | |
Commercial Real Estate [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 6,454 | 6,006 | |
Commercial Real Estate [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | |||
Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 27,116 | 26,442 | 28,891 |
Home Equity Line of Credit [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 25,751 | 25,041 | |
Home Equity Line of Credit [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 171 | 95 | |
Home Equity Line of Credit [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,194 | 1,306 | |
Home Equity Line of Credit [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | |||
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 8,703 | 8,559 | $ 10,016 |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 8,604 | 8,538 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 22 | 21 | |
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 77 | ||
Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total |
LOANS (Details 6)
LOANS (Details 6) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Total | $ 863,702 | $ 844,157 | $ 737,028 |
Financing Receivable, Nonaccrual | 250 | 4,562 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 133 | 617 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 102 | 48 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,260 | ||
Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 485 | 6,487 | |
Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 863,217 | 837,670 | |
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 69,952 | 96,688 | 51,805 |
Financing Receivable, Nonaccrual | 118 | 4,080 | |
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 125 | 165 | |
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 35 | 27 | |
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | |||
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 278 | 4,272 | |
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 69,674 | 92,416 | |
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 94,969 | 95,282 | 73,512 |
Financing Receivable, Nonaccrual | |||
Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 424 | ||
Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | |||
Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,260 | ||
Construction Loans [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,684 | ||
Construction Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 94,969 | 93,598 | |
Residential Mortgage [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 45,498 | 43,928 | 45,357 |
Financing Receivable, Nonaccrual | 132 | 440 | |
Residential Mortgage [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 8 | 7 | |
Residential Mortgage [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 4 | ||
Residential Mortgage [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | |||
Residential Mortgage [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 144 | 447 | |
Residential Mortgage [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 45,354 | 43,481 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 617,464 | 573,258 | 527,447 |
Financing Receivable, Nonaccrual | |||
Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | |||
Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | |||
Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | |||
Commercial Real Estate [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | |||
Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 617,464 | 573,258 | |
Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 27,116 | 26,442 | 28,891 |
Financing Receivable, Nonaccrual | 42 | ||
Home Equity Line of Credit [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | |||
Home Equity Line of Credit [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 62 | ||
Home Equity Line of Credit [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | |||
Home Equity Line of Credit [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 62 | 42 | |
Home Equity Line of Credit [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 27,054 | 26,400 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 8,703 | 8,559 | $ 10,016 |
Financing Receivable, Nonaccrual | |||
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 21 | ||
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1 | 21 | |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | |||
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1 | 42 | |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total | $ 8,702 | $ 8,517 |
LOANS (Details 7)
LOANS (Details 7) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | |||
Accretable yield, beginning of period | $ 93 | $ 123 | $ 153 |
Additions | |||
Accretion | (29) | (30) | (30) |
Reclassification of non-accretable difference due to improvement in expected cash flows | |||
Other changes, net | |||
Accretable yield, end of period | $ 64 | $ 93 | $ 123 |
LOANS (Details 8)
LOANS (Details 8) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Receivables [Abstract] | ||
Balance, beginning of year | $ 3,297 | $ 4,108 |
New Loans | 4 | 188 |
Less loan repayments | 492 | 999 |
Balance, end of year | $ 2,809 | $ 3,297 |
LOANS (Details Narrative)
LOANS (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | $ 863,702,000 | $ 844,157,000 | $ 737,028,000 |
Financing Receivable, before Allowance for Credit Loss | 9,500,000 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Commercial, at Acquisition, at Fair Value | 125,600 | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 33,000 | 150,500 | |
Loans And Leases Receivable Interest Income From Nonaccrual Status Loans | 453,300 | 447,500 | |
Financing Receivable, Troubled Debt Restructuring | 1,400,000 | 1,600,000 | |
Loans and Leases Receivable Interest Income from Troubled Debt Restructurings | 120,400 | 130,100 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 1,300,000 | |
Recorded Investment In Purchased Impaired Loans | 109,000 | 110,000 | |
Unpaid Principal Balance in Purchased Impaired Loans | 152,000 | 171,000 | |
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 69,952,000 | 96,688,000 | $ 51,805,000 |
Commercial, Financial And Agricultural Loan [Member] | Entity Loan Modification Program [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | $ 1,500,000 | $ 42,200,000 |
FAIR VALUE MEASUREMENT (Details
FAIR VALUE MEASUREMENT (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Assets: | ||
Available-for-sale securities | $ 564,839 | $ 359,866 |
Other investments, at cost | 1,785 | 2,053 |
Financial liabilities: | ||
Non-interest bearing demand | 444,688 | 385,511 |
NOW and money market accounts | 619,057 | 520,205 |
Savings | 143,765 | 123,032 |
Time deposits | 153,781 | 160,665 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and short term investments | 69,022 | 64,992 |
Available-for-sale securities | 39,829 | 20,564 |
Other investments, at cost | ||
Loans held for sale | ||
Net loans receivable | ||
Accrued interest | 3,927 | 4,167 |
Financial liabilities: | ||
Non-interest bearing demand | ||
NOW and money market accounts | ||
Savings | ||
Time deposits | ||
Total deposits | ||
Federal Home Loan Bank Advances | ||
Short term borrowings | ||
Junior subordinated debentures | ||
Accrued interest payable | 404 | 667 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Cash and short term investments | ||
Available-for-sale securities | 525,010 | 339,302 |
Other investments, at cost | ||
Loans held for sale | 7,120 | 45,020 |
Net loans receivable | ||
Accrued interest | ||
Financial liabilities: | ||
Non-interest bearing demand | 444,688 | 385,511 |
NOW and money market accounts | 619,057 | 520,205 |
Savings | 143,765 | 123,032 |
Time deposits | 154,030 | 161,505 |
Total deposits | 1,361,540 | 1,190,253 |
Federal Home Loan Bank Advances | ||
Short term borrowings | 54,216 | 40,914 |
Junior subordinated debentures | 15,015 | 11,748 |
Accrued interest payable | ||
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Cash and short term investments | ||
Available-for-sale securities | ||
Other investments, at cost | 1,785 | 2,053 |
Loans held for sale | ||
Net loans receivable | 851,822 | 829,685 |
Accrued interest | ||
Financial liabilities: | ||
Non-interest bearing demand | ||
NOW and money market accounts | ||
Savings | ||
Time deposits | ||
Total deposits | ||
Federal Home Loan Bank Advances | ||
Short term borrowings | ||
Junior subordinated debentures | ||
Accrued interest payable | ||
Reported Value Measurement [Member] | ||
Financial Assets: | ||
Cash and short term investments | 69,022 | 64,992 |
Available-for-sale securities | 564,839 | 359,866 |
Other investments, at cost | 1,785 | 2,053 |
Loans held for sale | 7,120 | 45,020 |
Net loans receivable | 852,523 | 833,768 |
Accrued interest | 3,927 | 4,167 |
Financial liabilities: | ||
Non-interest bearing demand | 444,688 | 385,511 |
NOW and money market accounts | 619,057 | 520,205 |
Savings | 143,765 | 123,032 |
Time deposits | 153,781 | 160,665 |
Total deposits | 1,361,291 | 1,189,413 |
Federal Home Loan Bank Advances | ||
Short term borrowings | 54,216 | 40,914 |
Junior subordinated debentures | 14,964 | 14,964 |
Accrued interest payable | 404 | 667 |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Cash and short term investments | 69,022 | 64,992 |
Available-for-sale securities | 564,839 | 359,866 |
Other investments, at cost | 1,785 | 2,053 |
Loans held for sale | 7,120 | 45,020 |
Net loans receivable | 851,822 | 829,685 |
Accrued interest | 3,927 | 4,167 |
Financial liabilities: | ||
Non-interest bearing demand | 444,688 | 385,511 |
NOW and money market accounts | 619,057 | 520,205 |
Savings | 143,765 | 123,032 |
Time deposits | 154,030 | 161,505 |
Total deposits | 1,361,540 | 1,190,253 |
Federal Home Loan Bank Advances | ||
Short term borrowings | 54,216 | 40,914 |
Junior subordinated debentures | 15,015 | 11,748 |
Accrued interest payable | $ 404 | $ 667 |
FAIR VALUE MEASUREMENT (Detai_2
FAIR VALUE MEASUREMENT (Details 2) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 564,839 | $ 359,866 |
Loans held-for-sale | 7,120 | 45,020 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 39,829 | 20,564 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 525,010 | 339,302 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 564,839 | 359,866 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 39,830 | 20,564 |
Loans held-for-sale | ||
Total | 39,830 | 20,564 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 525,010 | 339,302 |
Loans held-for-sale | 7,120 | 45,020 |
Total | 532,130 | 384,322 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Loans held-for-sale | ||
Total | ||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 564,839 | 359,866 |
Loans held-for-sale | 7,120 | 45,020 |
Total | 571,959 | 404,886 |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 15,436 | 1,502 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 15,436 | 1,502 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 15,436 | 1,502 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 2,501 | 1,006 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 2,501 | 1,006 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 2,501 | 1,006 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 25,934 | 17,029 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 371,796 | 212,900 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 397,729 | 229,929 |
Small Business Administration pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 31,273 | 35,498 |
Small Business Administration pools [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Small Business Administration pools [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 31,273 | 35,498 |
Small Business Administration pools [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Small Business Administration pools [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 31,273 | 35,498 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 109,848 | 88,603 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 12,896 | 3,535 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 96,952 | 85,068 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 109,848 | 88,603 |
Corporate and other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 8,052 | 3,328 |
Corporate and other securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 1,000 | |
Corporate and other securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 7,052 | 3,328 |
Corporate and other securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Corporate and other securities [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 8,052 | $ 3,328 |
FAIR VALUE MEASUREMENT (Detai_3
FAIR VALUE MEASUREMENT (Details 3) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | $ 1,694 | $ 6,113 | $ 3,997 |
Total other real estate owned | 1,165 | 1,194 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Total other real estate owned | |||
Total | |||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Total other real estate owned | |||
Total | |||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 1,694 | 6,111 | |
Total other real estate owned | 1,165 | 1,194 | |
Total | 2,859 | 7,305 | |
Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 1,693 | 6,111 | |
Total other real estate owned | 1,165 | 1,194 | |
Total | 2,859 | 7,305 | |
Commercial, Financial And Agricultural Loan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 400 | ||
Commercial, Financial And Agricultural Loan [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Commercial, Financial And Agricultural Loan [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Commercial, Financial And Agricultural Loan [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Commercial, Financial And Agricultural Loan [Member] | Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Residential Mortgage [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 133 | 440 | 392 |
Residential Mortgage [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Total other real estate owned | |||
Residential Mortgage [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Total other real estate owned | |||
Residential Mortgage [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 133 | 440 | |
Total other real estate owned | 541 | ||
Residential Mortgage [Member] | Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 133 | 440 | |
Total other real estate owned | 541 | ||
Commercial Real Estate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 1,561 | 5,631 | 3,135 |
Commercial Real Estate [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Total other real estate owned | |||
Commercial Real Estate [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Total other real estate owned | |||
Commercial Real Estate [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 1,560 | 5,629 | |
Total other real estate owned | 594 | ||
Commercial Real Estate [Member] | Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 1,560 | 5,629 | |
Total other real estate owned | 594 | ||
Home Equity Line of Credit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 42 | 70 | |
Home Equity Line of Credit [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Home Equity Line of Credit [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Home Equity Line of Credit [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 42 | ||
Home Equity Line of Credit [Member] | Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 42 | ||
Consumer Portfolio Segment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Consumer Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Consumer Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Consumer Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Consumer Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Construction Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Construction Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total other real estate owned | |||
Construction Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total other real estate owned | |||
Construction Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total other real estate owned | 624 | 600 | |
Construction Loans [Member] | Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total other real estate owned | $ 624 | $ 600 |
FAIR VALUE MEASUREMENT (Detai_4
FAIR VALUE MEASUREMENT (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 1,165 | $ 1,194 | |
Impaired Financing Receivable, Recorded Investment | 1,694 | 6,113 | $ 3,997 |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 1,165 | $ 1,194 | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 6.00% | ||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 16.00% | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | $ 1,694 | $ 6,111 | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 6.00% | 6.00% | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 16.00% | 16.00% |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 46,720 | $ 47,620 |
Accumulated depreciation | 13,889 | 13,162 |
Property and Equipment Net | 32,831 | 34,458 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 10,454 | 11,166 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 29,415 | 29,342 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 6,855 | 7,050 |
Asset under Construction [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ (4) | $ 62 |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Premises held-for-sale | $ 0 | $ 591,000 |
Gain on premises held-for-sale | 103,000 | 0 |
Gain (Loss) on Disposition of Assets | $ 14,000 | $ 0 |
GOODWILL, CORE DEPOSIT INTANG_3
GOODWILL, CORE DEPOSIT INTANGIBLE AND OTHER ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 3,896 | $ 3,896 | $ 3,896 |
Accumulated amortization | (2,977) | (2,776) | (2,413) |
Net | 919 | 1,120 | 1,483 |
Core Deposits [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 3,358 | 3,358 | 3,358 |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 538 | $ 538 | $ 538 |
GOODWILL, CORE DEPOSIT INTANG_4
GOODWILL, CORE DEPOSIT INTANGIBLE AND OTHER ASSETS (Details 2) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
2022 | $ 158 | ||
2023 | 157 | ||
2024 | 158 | ||
2025 | 157 | ||
2026 and thereafter | 289 | ||
Total | $ 919 | $ 1,120 | $ 1,483 |
GOODWILL, CORE DEPOSIT INTANG_5
GOODWILL, CORE DEPOSIT INTANGIBLE AND OTHER ASSETS (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangibles | $ 201 | $ 363 | $ 523 |
OTHER REAL ESTATE OWNED (Detail
OTHER REAL ESTATE OWNED (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance—beginning of year | $ 1,194 | $ 1,410 |
Additions—foreclosures | 145 | 114 |
Write-downs | (50) | (128) |
Sales | (124) | (202) |
Balance, end of year | $ 1,165 | $ 1,194 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Non-interest bearing deposits | $ 444,688 | $ 385,511 |
Interest bearing demand deposits and money market accounts | 619,057 | 520,205 |
Savings | 143,765 | 123,032 |
Time deposits | 153,781 | 160,665 |
Total deposits | $ 1,361,291 | $ 1,189,413 |
DEPOSITS (Details 2)
DEPOSITS (Details 2) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 117,612 | |
2023 | 19,950 | |
2024 | 8,409 | |
2025 | 3,673 | |
2026 | 4,037 | |
2027 | 100 | |
Time Deposits | $ 153,781 | $ 160,665 |
DEPOSITS (Details Narrative)
DEPOSITS (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest paid on certificates of deposits of $100 thousand or more | $ 538 | $ 993 | $ 1,100 |
Time deposits FDIC insurance limit of $250 thousand | 27,900 | 28,600 | |
Deposits from directors and executive officers and their related interests | 31,900 | 36,300 | |
Amount of overdrafts classified as loans | $ 58 | $ 61 |
SECURITIES SOLD UNDER AGREEME_2
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED MONEY (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Securities Sold Under Agreements To Repurchase And Other Borrowed Money | ||
Weighted Average Interest Rate | 0.12% | 0.20% |
Short-term Debt, Maximum Month-end Outstanding Amount | $ 72,400 | $ 73,000 |
Average outstanding balance during the year | $ 62,200 | $ 49,500 |
Average rate paid (as a percent) | 0.14% | 0.38% |
Unused short-term lines of credit | $ 70,000 | $ 70,000 |
ADVANCES FROM FEDERAL HOME LO_2
ADVANCES FROM FEDERAL HOME LOAN BANK (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loans Pledged as Collateral | $ 22,800,000 | $ 22,100,000 |
Federal Home Loan Bank, Advances, Activity for Year, Average Balance of Agreements Outstanding | $ 5,000,000 | $ 2,000,000 |
Average interest rate (as a percent) | 0.18% | 0.39% |
Federal Home Loan Bank, Advances, Activity for Year, Maximum Outstanding at any Month End | $ 0 | $ 15,000,000 |
JUNIOR SUBORDINATED DEBT (Detai
JUNIOR SUBORDINATED DEBT (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Sep. 16, 2004 | |
Junior Subordinated Debt [Member] | ||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||
Description of annual interest distribution basis | LIBOR | |
Annual distribution rate, basis spread (as a percent) | 0.00257% | |
Redemption price as a percentage of the principal amount if the securities are redeemed on or after September 16, 2009 | 100.00% | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | F C C Capital Trust I [Member] | ||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Maximum Amount | $ 15,000 |
LEASES (Details)
LEASES (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 303 | |
2023 | 309 | |
2024 | 282 | |
2025 | 222 | |
2026 | 226 | |
Thereafter | 2,751 | |
Total undiscounted lease payments | 4,093 | |
Less effect of discounting | (1,143) | |
Present value of estimated lease payments (lease liability) | $ 2,950 | $ 3,114 |
LEASES (Details Narrative)
LEASES (Details Narrative) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Leases [Abstract] | |
Operating Lease Payments | $ 297,600 |
Operating Lease Liability Reduced | 164,600 |
Operating Lease Expense | $ 323,000 |
Operating Lease, Weighted Average Remaining Lease Term | 15 years 29 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.42% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current | |||
Federal | $ 3,653 | $ 2,724 | $ 2,299 |
State | 749 | 523 | 541 |
4,402 | 3,247 | 2,840 | |
Deferred | |||
Federal | (167) | (751) | 18 |
State | (53) | (34) | |
(220) | (785) | 18 | |
Income tax expense | $ 4,182 | $ 2,496 | $ 2,858 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Expected federal income tax expense | $ 4,126 | $ 2,645 | $ 2,904 |
State income tax net of federal benefit | 550 | 386 | 427 |
Tax exempt interest | (396) | (316) | (293) |
Increase in cash surrender value life insurance | (146) | (153) | (144) |
Valuation allowance | 32 | 32 | 52 |
Life Insurance Proceeds | (65) | ||
Excess tax benefit of stock compensation | (11) | (1) | (56) |
Other | 27 | (32) | (32) |
Income tax expense | $ 4,182 | $ 2,496 | $ 2,858 |
INCOME TAXES (Details 3)
INCOME TAXES (Details 3) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Allowance for loan losses | $ 2,415 | $ 2,235 |
Excess tax basis of deductible intangible assets | 98 | 130 |
Excess tax basis of assets acquired | 28 | 57 |
Net operating loss carry forward | 792 | 757 |
Compensation expense deferred for tax purposes | 1,221 | 1,125 |
Deferred loss on other-than-temporary-impairment charges | 5 | 5 |
Tax credit carry-forwards | 33 | 33 |
Other | 183 | 163 |
Total deferred tax asset | 5,301 | 4,987 |
Valuation reserve | 889 | 857 |
Total deferred tax asset net of valuation reserve | 4,412 | 4,130 |
Liabilities: | ||
Tax depreciation in excess of book depreciation | 612 | 514 |
Excess financial reporting basis of assets acquired | 969 | 1,005 |
Unrealized gain on available-for-sale securities | 1,021 | 3,149 |
Total deferred tax liabilities | 2,602 | 4,668 |
Net deferred tax asset / (liability) recognized | $ 1,810 | $ (538) |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) $ in Thousands | Dec. 31, 2021USD ($) |
State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carry forward, net | $ 20,100 |
COMMITMENTS, CONCENTRATIONS O_2
COMMITMENTS, CONCENTRATIONS OF CREDIT RISK AND CONTINGENCIES (Details Narrative) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)Number | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Commitments to extend credit | $ 137,400 | $ 142,600 | |
Loans held-for-investment | $ 863,702 | $ 844,157 | $ 737,028 |
Subsidiaries [Member] | |||
Concentrations of credit risk threshold, amounts loaned to multiple borrowers engaged in similar business activities as a percentage of risk based capital | 25.00% | ||
Concentrations of credit risk threshold amount of risk entity's risk based capital, amounts loaned to multiple borrowers engaged in similar business activities | $ 36,000 | ||
Number of concentration risks | Number | 5 | ||
Subsidiaries [Member] | Loans Receivable [Member] | Credit Concentration Risk [Member] | Commercial Portfolio Segment [Member] | |||
Loans held-for-investment | $ 703,200 | ||
Percentage of concentration risk | 81.40% | ||
Subsidiaries [Member] | Loans Receivable [Member] | Credit Concentration Risk [Member] | Commercial Real Estate Loans Related To Owner Occupied Properties [Member] | |||
Loans held-for-investment | $ 243,700 | ||
Percentage of concentration risk | 34.70% | ||
Subsidiaries [Member] | Loans Receivable [Member] | Credit Concentration Risk [Member] | Lessors Of Non Residential Properties [Member] | |||
Loans held-for-investment | $ 259 | ||
Percentage of concentration risk | 30.00% | ||
Concentration Risk Number of Loans | Number | 455 | ||
Subsidiaries [Member] | Loans Receivable [Member] | Credit Concentration Risk [Member] | Lessors Of Residential Properties [Member] | |||
Loans held-for-investment | $ 120,800 | ||
Percentage of concentration risk | 14.00% | ||
Concentration Risk Number of Loans | Number | 420 | ||
Subsidiaries [Member] | Loans Receivable [Member] | Credit Concentration Risk [Member] | Private Households [Member] | |||
Loans held-for-investment | $ 57,700 | ||
Percentage of concentration risk | 6.70% | ||
Subsidiaries [Member] | Loans Receivable [Member] | Credit Concentration Risk [Member] | Other Activities Related To Real Estate [Member] | |||
Loans held-for-investment | $ 38,200 | ||
Percentage of concentration risk | 4.40% | ||
Subsidiaries [Member] | Loans Receivable [Member] | Credit Concentration Risk [Member] | Religious Organizations [Member] | |||
Loans held-for-investment | $ 47,200 | ||
Percentage of concentration risk | 5.50% |
REVENUE RECOGNITION (Details)
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Revenue Recognition | |||||||||||||||||
Deposit service charges | $ 977 | $ 1,121 | $ 1,649 | ||||||||||||||
Mortgage banking income | 4,319 | [1] | 5,557 | [1] | 4,555 | ||||||||||||
Investment advisory fees and non-deposit commissions | 3,995 | [1] | 2,720 | [1] | 2,021 | ||||||||||||
Gain (loss) on sale of securities | $ 99 | $ 1 | $ 164 | $ (29) | [1] | 99 | [1] | 136 | |||||||||
Gain on sale of other real estate owned | 77 | 147 | (3) | ||||||||||||||
Gain (loss) on sale of other assets | 117 | ||||||||||||||||
Non-recurring BOLI income | 171 | 311 | |||||||||||||||
Other | 4,248 | [2] | 3,814 | [2] | 3,660 | ||||||||||||
Total non-interest income | $ 13,904 | $ 13,769 | $ 11,736 | ||||||||||||||
[1] | Not within the scope of ASC 606 | ||||||||||||||||
[2] | Includes Check Card Fee income discussed above. No other items are within the scope of ASC 606. |
OTHER EXPENSES (Details)
OTHER EXPENSES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |||
ATM/debit card, bill payment and data processing | $ 3,823 | $ 3,123 | $ 2,834 |
Supplies | 116 | 138 | 151 |
Telephone | 365 | 350 | 413 |
Courier | 181 | 176 | 152 |
Correspondent services | 280 | 272 | 248 |
Insurance | 325 | 316 | 263 |
Postage | 50 | 36 | 47 |
Loss on limited partnership interest | 88 | ||
Director fees | 360 | 336 | 348 |
Legal and Professional fees | 878 | 1,058 | 959 |
Shareholder expense | 212 | 192 | 171 |
Other | 1,777 | 1,554 | 1,718 |
Total | $ 8,367 | $ 7,551 | $ 7,392 |
STOCK OPTIONS, RESTRICTED STO_3
STOCK OPTIONS, RESTRICTED STOCK, AND DEFERRED COMPENSATION (Details) - Restricted Stock [Member] - Director [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 7,959 | 2,662 | 2,976 |
Share based Compensation Arrangement by Share Based Payment Award Equity Instruments other than Options Grants In Period to Each Officer | 796 | 242 | 248 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 17.59 | $ 20.64 | $ 20.18 |
STOCK OPTIONS, RESTRICTED STO_4
STOCK OPTIONS, RESTRICTED STOCK, AND DEFERRED COMPENSATION (Details Narrative) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2014 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 71,768 | 94,910 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 350,000 | ||||
Share based Compensation Arrangement By Share Based Payment Award Exercisable Period | 10 years | ||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 293,900 | $ 283,100 | |||
Accured Compensation Cost over Vesting Period | $ 79,000 | $ 107,400 | |||
Deferred Compensation Arrangements, Overall, Description | At December 31, 2021 and 2020, there were 85,765 and 88,412 units in the plan, respectively. | ||||
Deferred Compensation Liability, Current and Noncurrent | $ 1,100,000 | 1,100,000 | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 329,300 | $ 312,200 | $ 143,900 | ||
Subordinated Debt [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Class of Warrant or Right, Outstanding | 37,130 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.90 | ||||
Restricted Stock [Member] | Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based Compensation Arrangement by Share Based Payment Award Equity Instruments other than Options Grants In Period to Each Officer | 13,302 | 17,175 | 8,418 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 17.59 | $ 20.64 | $ 20.18 | ||
Restricted Stock [Member] | Executive Officer [Member] | Savannah River Financial Corporation [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based Compensation Arrangement by Share Based Payment Award Equity Instruments other than Options Grants In Period to Each Officer | 29,228 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.55 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details Narrative) | 12 Months Ended | |||||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2006USD ($) | Dec. 31, 2018Number | Dec. 31, 2007Number | |
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Contribution Plan, Cost | $ 581,000 | $ 552,000 | $ 528,000 | |||||
Defined Contribution Plan Employer Match Level One | 100.00% | |||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 3.00% | |||||||
Defined Contribution Plan Employer Match Level Two | 50.00% | |||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 2.00% | |||||||
Key Individuals [Member] | Salary Continuation Plan [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Deferred Compensation Arrangement with Individual Age Of Employees Covered | 63 years | |||||||
Deferred Compensation Arrangement with Individual Monthly Benefits | $ 2,500 | |||||||
Deferred Compensation Arrangement with Individual Monthly Benefits period | 17 years | |||||||
Additional Key Officers [Member] | Salary Continuation Plan [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Contribution Plan, Number of Employees | Number | 3 | 6 | ||||||
Payment to Acquire Life Insurance Policy, Investing Activities | $ 850,000 | $ 1,600,000 | $ 1,500,000 | $ 5,200,000 | $ 3,500,000 |
EARNINGS PER COMMON SHARE (Deta
EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||||||||||||||
Numerator (Included in basic and diluted earnings per share) | $ 3,919 | $ 4,748 | $ 3,543 | $ 3,255 | $ 3,436 | $ 2,652 | $ 2,217 | $ 1,794 | $ 2,698 | $ 2,898 | $ 2,881 | $ 2,495 | $ 15,465 | $ 10,099 | $ 10,971 |
Weighted average common shares outstanding for: | |||||||||||||||
Basic earnings per common share | 7,491,000 | 7,446,000 | 7,510,000 | ||||||||||||
Dilutive securities: | |||||||||||||||
Deferred compensation | 58,000 | 36,000 | 58,000 | ||||||||||||
Warrants—Treasury stock method | 20,000 | ||||||||||||||
Diluted common shares outstanding | 7,549,000 | 7,482,000 | 7,588,000 | ||||||||||||
Basic earnings per common share | $ 0.52 | $ 0.63 | $ 0.47 | $ 0.44 | $ 0.46 | $ 0.36 | $ 0.30 | $ 0.24 | $ 0.36 | $ 0.39 | $ 0.38 | $ 0.33 | $ 2.06 | $ 1.36 | $ 1.46 |
Diluted earnings per common share | $ 0.52 | $ 0.63 | $ 0.47 | $ 0.43 | $ 0.46 | $ 0.35 | $ 0.30 | $ 0.24 | $ 0.36 | $ 0.39 | $ 0.37 | $ 0.33 | 2.05 | 1.35 | 1.45 |
The average market price used in calculating assumed number of shares | $ 19.68 | $ 15.89 | $ 19.32 |
EARNINGS PER COMMON SHARE (De_2
EARNINGS PER COMMON SHARE (Details Narrative) $ in Thousands | Dec. 16, 2011USD ($)shares |
Junior Subordinated Debt [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Proceeds from Issuance of Debt | $ | $ 2,500 |
Warrant [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Class of Warrant or Right Issued | shares | 107,500 |
SHAREHOLDERS' EQUITY, CAPITAL R
SHAREHOLDERS' EQUITY, CAPITAL REQUIREMENTS AND DIVIDEND RESTRICTIONS (Details) - Subsidiaries [Member] $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Subsidiary or Equity Method Investee [Line Items] | |||
Banking Regulation, Tier One Risk-Based Capital, Capital Adequacy, Minimum | [1],[2] | $ 57,075 | $ 56,288 |
Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | [1],[2] | 0.060 | 0.060 |
Banking Regulation, Tier One Risk-Based Capital, Actual | [1],[2] | $ 132,918 | $ 120,385 |
Banking Regulation, Tier One Risk-Based Capital Ratio, Actual | [1],[2] | 0.140 | 0.128 |
Banking Regulation, Tier One Risk-Based Capital, Well Capitalized, Minimum | [1],[2] | $ 75,843 | $ 64,097 |
Banking Regulation, Tier One Risk-Based Capital Ratio, Well Capitalized, Minimum | [1],[2] | 0.080 | 0.068 |
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum | [1],[2] | $ 76,101 | $ 75,051 |
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum | [1],[2] | 0.080 | 0.080 |
Banking Regulation, Total Capital, Actual | [1],[2] | $ 144,097 | $ 130,774 |
Banking Regulation, Total Risk-Based Capital Ratio, Actual | [1],[2] | 0.152 | 0.139 |
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum | [1],[2] | $ 67,996 | $ 55,723 |
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum | [1],[2] | 0.071 | 0.059 |
Banking Regulation, Tier One Leverage Capital, Capital Adequacy, Minimum | [1],[2] | $ 42,807 | $ 42,216 |
Banking Regulation, Tier One Leverage Capital Ratio, Capital Adequacy, Minimum | [1],[2] | 0.045 | 0.045 |
Banking Regulation, Tier One Leverage Capital, Actual | [1],[2] | $ 132,918 | $ 120,385 |
Banking Regulation, Tier One Leverage Capital Ratio, Actual | [1],[2] | 0.140 | 0.128 |
Banking Regulation, Tier One Leverage Capital, Well Capitalized, Minimum | [1],[2] | $ 90,111 | $ 78,169 |
Banking Regulation, Tier One Leverage Capital Ratio, Well Capitalized, Minimum | [1],[2] | 0.095 | 0.083 |
Common Equity Tier Required to be Categorized Adequately Capitalized Amount | [1],[2] | $ 62,897 | $ 54,492 |
Common Equity Tier Required to be Categorized Adequately Capitalized Ratio as percent | [1],[2] | 4.00% | 4.00% |
Common Equity Tier Actual Amount | [1],[2] | $ 132,918 | $ 120,385 |
Common Equity Tier 1 Actual Ratio as percent | [1],[2] | 850.00% | 880.00% |
Common Equity Tier Required to be Categorized Well Capitalized Amount | [1],[2] | $ 70,021 | $ 65,893 |
Common Equity Tier Required to be Categorized Well Capitalized Ratio as percent | [1],[2] | 4.50% | 4.80% |
[1] | As a small bank holding company, we are generally not subject to the capital requirements unless otherwise advised by the Federal Reserve. | ||
[2] | Ratios do not include the capital conservation buffer of 2.5%. |
SHAREHOLDERS_ EQUITY, CAPITAL_3
SHAREHOLDERS’ EQUITY, CAPITAL REQUIREMENTS AND DIVIDEND RESTRICTIONS (Details Narrative) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Cash dividends paid as percentage of Net income | 100.00% |
PARENT COMPANY FINANCIAL INFO_3
PARENT COMPANY FINANCIAL INFORMATION (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||||
Cash on deposit | $ 21,973 | $ 18,930 | ||
Interest bearing deposits | 47,049 | 46,062 | ||
Total assets | 1,584,508 | 1,395,382 | ||
Liabilities: | ||||
Junior subordinated debentures | 14,964 | 14,964 | ||
Other | 10,089 | 10,640 | ||
Total liabilities | 1,443,510 | 1,259,045 | ||
Shareholders’ equity | 140,998 | 136,337 | $ 120,194 | $ 112,497 |
Total liabilities and shareholders’ equity | 1,584,508 | 1,395,382 | ||
Parent Company [Member] | ||||
Assets: | ||||
Cash on deposit | 3,335 | 3,357 | ||
Interest bearing deposits | ||||
Securities purchased under agreement to resell | ||||
Investment in bank subsidiary | 151,519 | 147,140 | ||
Other | 1,353 | 1,046 | ||
Total assets | 156,207 | 151,543 | ||
Liabilities: | ||||
Junior subordinated debentures | 14,964 | 14,964 | ||
Other | 245 | 242 | ||
Total liabilities | 15,209 | 15,206 | ||
Shareholders’ equity | 140,998 | 136,337 | ||
Total liabilities and shareholders’ equity | $ 156,207 | $ 151,543 |
PARENT COMPANY FINANCIAL INFO_4
PARENT COMPANY FINANCIAL INFORMATION (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income: | |||||||||||||||
Interest and dividend income | $ 11,656 | $ 12,982 | $ 11,664 | $ 11,218 | $ 11,426 | $ 10,976 | $ 10,666 | $ 10,710 | $ 10,786 | $ 10,864 | $ 10,606 | $ 10,374 | $ 47,520 | $ 43,778 | $ 42,630 |
Expenses: | |||||||||||||||
Interest expense | 2,241 | 3,755 | 5,781 | ||||||||||||
Other | 8,367 | 7,551 | 7,392 | ||||||||||||
Total expense | 39,201 | 37,534 | 34,617 | ||||||||||||
Income tax benefit | 4,182 | 2,496 | 2,858 | ||||||||||||
Net income | $ 3,919 | $ 4,748 | $ 3,543 | $ 3,255 | $ 3,436 | $ 2,652 | $ 2,217 | $ 1,794 | $ 2,697 | $ 2,898 | $ 2,881 | $ 2,495 | 15,465 | 10,099 | 10,971 |
Parent Company [Member] | |||||||||||||||
Income: | |||||||||||||||
Interest and dividend income | 13 | 17 | 24 | ||||||||||||
Equity in undistributed earnings of subsidiary | 12,386 | 6,759 | 4,776 | ||||||||||||
Dividend income from bank subsidiary | 4,019 | 4,158 | 7,057 | ||||||||||||
Total income | 16,418 | 10,934 | 11,857 | ||||||||||||
Expenses: | |||||||||||||||
Interest expense | 416 | 536 | 760 | ||||||||||||
Other | 772 | 518 | 381 | ||||||||||||
Total expense | 1,188 | 1,055 | 1,141 | ||||||||||||
Income before taxes | 15,230 | 9,879 | 10,716 | ||||||||||||
Income tax benefit | (235) | (219) | (255) | ||||||||||||
Net income | $ 15,465 | $ 10,099 | $ 10,971 |
PARENT COMPANY FINANCIAL INFO_5
PARENT COMPANY FINANCIAL INFORMATION (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||||||||||||||
Net income | $ 3,919 | $ 4,748 | $ 3,543 | $ 3,255 | $ 3,436 | $ 2,652 | $ 2,217 | $ 1,794 | $ 2,697 | $ 2,898 | $ 2,881 | $ 2,495 | $ 15,465 | $ 10,099 | $ 10,971 |
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||
Net cash provided by operating activities | 57,928 | (17,046) | 4,825 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||
Purchase of investments at cost | (87) | (70) | (36) | ||||||||||||
Net cash provided by investing activities | (236,282) | (171,521) | (49,198) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||
Dividends paid: common stock | (3,593) | (3,573) | (3,306) | ||||||||||||
Repurchase of common stock | 5,636 | ||||||||||||||
Proceeds from issuance of common stock | 46 | 4 | |||||||||||||
Dividend Reinvestment Plan | 368 | 372 | 570 | ||||||||||||
Deferred compensation shares | 90 | 200 | 265 | ||||||||||||
Net cash used in financing activities | 182,384 | 205,867 | 59,872 | ||||||||||||
Cash and cash equivalents at beginning of year | 64,992 | 47,692 | 32,268 | 64,992 | 47,692 | 32,268 | |||||||||
Cash and cash equivalents at end of year | 69,022 | 64,992 | 47,692 | 69,022 | 64,992 | 47,692 | |||||||||
Parent Company [Member] | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net income | 15,465 | 10,099 | 10,971 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||
Equity in undistributed earnings of subsidiary | (12,386) | (6,759) | (4,776) | ||||||||||||
Other-net | 145 | 42 | 322 | ||||||||||||
Net cash provided by operating activities | 3,224 | 3,382 | 6,517 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||
Purchase of investments at cost | (87) | ||||||||||||||
Net cash provided by investing activities | (87) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||
Dividends paid: common stock | (3,593) | (3,573) | (3,306) | ||||||||||||
Repurchase of common stock | (5,636) | ||||||||||||||
Proceeds from issuance of common stock | 46 | 4 | |||||||||||||
Dividend Reinvestment Plan | 368 | 372 | 570 | ||||||||||||
Issuance of restricted stock | (75) | ||||||||||||||
Restricted shares surrendered | (70) | (15) | (159) | ||||||||||||
Deferred compensation shares | 90 | 200 | 265 | ||||||||||||
Net cash used in financing activities | (3,159) | (3,012) | (8,341) | ||||||||||||
Increase (decrease) in cash and cash equivalents | (22) | 370 | (1,824) | ||||||||||||
Cash and cash equivalents at beginning of year | $ 3,357 | $ 2,987 | $ 4,811 | 3,357 | 2,987 | 4,811 | |||||||||
Cash and cash equivalents at end of year | $ 3,335 | $ 3,357 | $ 2,987 | $ 3,335 | $ 3,357 | $ 2,987 |
QUARTERLY FINANCIAL DATA (UNA_3
QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Interest income | $ 11,656 | $ 12,982 | $ 11,664 | $ 11,218 | $ 11,426 | $ 10,976 | $ 10,666 | $ 10,710 | $ 10,786 | $ 10,864 | $ 10,606 | $ 10,374 | $ 47,520 | $ 43,778 | $ 42,630 | ||
Net interest income | 11,164 | 12,456 | 11,092 | 10,567 | 10,687 | 10,176 | 9,743 | 9,417 | 9,360 | 9,353 | 9,116 | 9,020 | 45,279 | 40,023 | 36,849 | ||
Provision for loan losses | (59) | 49 | 168 | 177 | 276 | 1,062 | 1,250 | 1,075 | 25 | 9 | 105 | 335 | 3,663 | 139 | |||
Gain on sale of securities | 99 | 1 | 164 | (29) | [1] | 99 | [1] | 136 | |||||||||
Income before income taxes | 4,971 | 6,066 | 4,464 | 4,146 | 4,364 | 3,250 | 2,749 | 2,232 | 3,425 | 3,651 | 3,653 | 3,101 | 19,647 | 12,595 | 13,829 | ||
Net income | 3,919 | 4,748 | 3,543 | 3,255 | 3,436 | 2,652 | 2,217 | 1,794 | 2,697 | 2,898 | 2,881 | 2,495 | 15,465 | 10,099 | 10,971 | ||
Net income available to common shareholders | $ 3,919 | $ 4,748 | $ 3,543 | $ 3,255 | $ 3,436 | $ 2,652 | $ 2,217 | $ 1,794 | $ 2,698 | $ 2,898 | $ 2,881 | $ 2,495 | $ 15,465 | $ 10,099 | $ 10,971 | ||
Net income per share, basic | $ 0.52 | $ 0.63 | $ 0.47 | $ 0.44 | $ 0.46 | $ 0.36 | $ 0.30 | $ 0.24 | $ 0.36 | $ 0.39 | $ 0.38 | $ 0.33 | $ 2.06 | $ 1.36 | $ 1.46 | ||
Net income per share, diluted | $ 0.52 | $ 0.63 | $ 0.47 | $ 0.43 | $ 0.46 | $ 0.35 | $ 0.30 | $ 0.24 | $ 0.36 | $ 0.39 | $ 0.37 | $ 0.33 | $ 2.05 | $ 1.35 | $ 1.45 | ||
[1] | Not within the scope of ASC 606 |
REPORTABLE SEGMENTS (Details)
REPORTABLE SEGMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Dividend and Interest Income | $ 11,656 | $ 12,982 | $ 11,664 | $ 11,218 | $ 11,426 | $ 10,976 | $ 10,666 | $ 10,710 | $ 10,786 | $ 10,864 | $ 10,606 | $ 10,374 | $ 47,520 | $ 43,778 | $ 42,630 |
Interest expense | 2,241 | 3,755 | 5,781 | ||||||||||||
Net interest income | 11,164 | 12,456 | 11,092 | 10,567 | 10,687 | 10,176 | 9,743 | 9,417 | 9,360 | 9,353 | 9,116 | 9,020 | 45,279 | 40,023 | 36,849 |
Provision for loan losses | (59) | 49 | 168 | 177 | 276 | 1,062 | 1,250 | 1,075 | 25 | 9 | 105 | 335 | 3,663 | 139 | |
Noninterest income | 13,904 | 13,769 | 11,736 | ||||||||||||
Noninterest expense | 39,201 | 37,534 | 34,617 | ||||||||||||
Net income before taxes | 4,971 | 6,066 | 4,464 | 4,146 | 4,364 | 3,250 | 2,749 | 2,232 | 3,425 | 3,651 | 3,653 | 3,101 | 19,647 | 12,595 | 13,829 |
Income tax expense (benefit) | 4,182 | 2,496 | 2,858 | ||||||||||||
Net income | 3,919 | $ 4,748 | $ 3,543 | $ 3,255 | 3,436 | $ 2,652 | $ 2,217 | $ 1,794 | $ 2,697 | $ 2,898 | $ 2,881 | $ 2,495 | 15,465 | 10,099 | 10,971 |
Total Assets as of December 31, 2020 | 1,584,508 | 1,395,382 | 1,584,508 | 1,395,382 | |||||||||||
Commercial And Retail Banking [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Dividend and Interest Income | 46,499 | 42,024 | 41,545 | ||||||||||||
Interest expense | 1,825 | 3,219 | 5,021 | ||||||||||||
Net interest income | 44,674 | 38,805 | 36,524 | ||||||||||||
Provision for loan losses | 335 | 3,663 | 139 | ||||||||||||
Noninterest income | 5,590 | 5,492 | 5,160 | ||||||||||||
Noninterest expense | 31,275 | 30,111 | 28,732 | ||||||||||||
Net income before taxes | 18,654 | 10,523 | 12,813 | ||||||||||||
Income tax expense (benefit) | 4,417 | 2,715 | 3,114 | ||||||||||||
Net income | 14,237 | 7,808 | 9,699 | ||||||||||||
Total Assets as of December 31, 2020 | 1,566,949 | 1,335,320 | 1,566,949 | 1,335,320 | |||||||||||
Mortgage Banking [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Dividend and Interest Income | 1,008 | 1,737 | 1,061 | ||||||||||||
Interest expense | |||||||||||||||
Net interest income | 1,008 | 1,737 | 1,061 | ||||||||||||
Provision for loan losses | |||||||||||||||
Noninterest income | 4,319 | 5,557 | 4,555 | ||||||||||||
Noninterest expense | 4,694 | 4,993 | 3,771 | ||||||||||||
Net income before taxes | 633 | 2,301 | 1,845 | ||||||||||||
Income tax expense (benefit) | |||||||||||||||
Net income | 633 | 2,301 | 1,845 | ||||||||||||
Total Assets as of December 31, 2020 | 16,798 | 59,372 | 16,798 | 59,372 | |||||||||||
Investment Advisory And Non Deposit [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Dividend and Interest Income | |||||||||||||||
Interest expense | |||||||||||||||
Net interest income | |||||||||||||||
Provision for loan losses | |||||||||||||||
Noninterest income | 3,995 | 2,720 | 2,021 | ||||||||||||
Noninterest expense | 2,460 | 1,912 | 1,733 | ||||||||||||
Net income before taxes | 1,535 | 808 | 288 | ||||||||||||
Income tax expense (benefit) | |||||||||||||||
Net income | 1,535 | 808 | 288 | ||||||||||||
Total Assets as of December 31, 2020 | 2 | 2 | 2 | 2 | |||||||||||
Corporate Segment [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Dividend and Interest Income | 4,032 | 4,175 | 7,081 | ||||||||||||
Interest expense | 416 | 536 | 760 | ||||||||||||
Net interest income | 3,616 | 3,639 | 6,321 | ||||||||||||
Provision for loan losses | |||||||||||||||
Noninterest income | |||||||||||||||
Noninterest expense | 772 | 518 | 381 | ||||||||||||
Net income before taxes | 2,844 | 3,121 | 5,940 | ||||||||||||
Income tax expense (benefit) | (235) | (219) | (256) | ||||||||||||
Net income | 3,079 | 3,340 | 6,196 | ||||||||||||
Total Assets as of December 31, 2020 | 152,928 | 140,256 | 152,928 | 140,256 | |||||||||||
Consolidation, Eliminations [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Dividend and Interest Income | (4,019) | (4,158) | (7,057) | ||||||||||||
Interest expense | |||||||||||||||
Net interest income | (4,019) | (4,158) | (7,057) | ||||||||||||
Provision for loan losses | |||||||||||||||
Noninterest income | |||||||||||||||
Noninterest expense | |||||||||||||||
Net income before taxes | (4,019) | (4,158) | (7,057) | ||||||||||||
Income tax expense (benefit) | |||||||||||||||
Net income | (4,019) | (4,158) | $ (7,057) | ||||||||||||
Total Assets as of December 31, 2020 | $ (152,169) | $ (139,568) | $ (152,169) | $ (139,568) |